SEC Charges School District and Muni Bond Underwriter in Indiana with Defrauding Investors
The Securities and Exchange Commission (Commission) today charged a school district in Indiana and its municipal bond underwriter with falsely stating to bond investors that the school district had been properly providing annual financial information and notices required as part of its prior bond offerings.
In new municipal bond offerings, an official statement is prepared by a municipal issuer or its underwriter to describe the essential terms of the bonds and other pertinent information for investors. An SEC investigation revealed that in an official statement prepared in 2007 for a bond offering on behalf of West Clark Community Schools that was underwritten by Indianapolis-based City Securities Corporation, the school district stated that it was in compliance with its disclosure obligations related to prior bond offerings. However, West Clark had not submitted any of the required annual reports or notices for a 2005 bond offering, and City Securities did not conduct adequate due diligence to detect the false statement in the course of the 2007 offering.
The SEC also charged Randy G. Ruhl, who heads the public finance & municipal bond department at City Securities, for the misconduct involving West Clark’s disclosures. The SEC’s investigation further found that City Securities and Ruhl provided improper gifts and gratuities to representatives of municipal bond issuers, and then wound up charging these and other expenses back to the issuers under the guise of costs for “printing, preparation and distribution of official statements.”
City Securities agreed to pay nearly $580,000 to settle the SEC’s charges, and Ruhl and West Clark Community Schools also agreed to settlements, which include a one-year collateral bar and a permanent supervisory bar for Ruhl.
“This is the first time the SEC has charged a municipal issuer with falsely claiming in a bond offering’s official statement that it was fully compliant with the annual disclosure obligations it agreed to in prior offerings, and an underwriter and its principal for not doing the necessary research to attest to the truthfulness of that claim,” said Andrew Ceresney, Co-Director of the Division of Enforcement. “West Clark Community Schools defrauded bond investors by leading them to believe that it had provided the annual financial information contractually required in a prior bond offering, when in fact for five years they failed to submit the required information. This case demonstrates that we will be vigilant in making sure municipal issuers and underwriters comply with their obligations.”
Elaine C. Greenberg, Chief of the Enforcement Division’s Municipal Securities and Public Pensions Unit, added, “City Securities abused its role as municipal underwriter by fraudulently obtaining reimbursement from bond proceeds for expenses unrelated to the issuance of bonds. Moreover, City Securities violated MSRB rules by providing representatives of municipal securities issuers with valuable and excessive gifts such as multi-day golf trips and tickets to various sporting events.”
According to the SEC’s orders instituting settled administrative proceedings, Rule 15c2-12 generally prohibits an underwriter from purchasing or selling municipal securities unless the issuer has contractually agreed to provide annual financial information and event notices to investors through information repositories. In its $52 million municipal bond offering in 2005, West Clark agreed to submit annual reports and notices to Nationally Recognized Municipal Securities Information Repositories (NRMSIRs), an obligation it never fulfilled. In December 2007, the school district issued a $31 million bond offering, which triggered a requirement to describe instances where it had failed to materially comply with its prior disclosure obligations. The official statement for this 2007 offering contained a section entitled “Compliance with Previous Undertakings” affirming that in the previous five years, the school district “never failed to comply, in all material respects, with any previous undertakings.” The official statement was approved, certified, and disseminated to the public. The school district also signed a certificate and affidavit attesting that the official statement did not contain any untrue statement of material fact. Since West Clark had never submitted any annual reports or notices in its 2005 offering, these attestations in the 2007 offering were materially false and misleading.
Without admitting or denying the SEC’s findings, West Clark consented to an order to cease and desist from committing or causing any violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5. The school district has undertaken remedial actions including the adoption of written policies for its continuing disclosure obligations and the designation of an individual responsible for ensuring compliance with those obligations. The school district also has implemented annual training for personnel involved in the bond offering and disclosure process.
The SEC’s investigation further revealed that between 2007 and 2010, City Securities provided improper gifts and gratuities to representatives of municipal bond issuers in violation of Municipal Securities Rulemaking Board (MSRB) Rule G-20. Without the issuers’ knowledge, City Securities mischaracterized the expenses associated with these gifts and mischaracterized charitable donations, entertainment expenses, and other “miscellaneous” items as legitimate operating costs so the company could bill these expenses back to the unknowing issuers.
City Securities consented to an SEC order, without admitting or denying the findings, to cease and desist from committing or causing any violations of Section 17(a) of the Securities Act, Sections 10(b) and 15B(c)(1) of the Exchange Act and Rules 10b-5 and 15c2-12, and MSRB Rules G-17 and G-20. City Securities agreed to be censured and pay disgorgement and prejudgment interest of $279,446 as well as a penalty of $300,000. City Securities has taken a number of remedial actions to enhance its disclosure and expense reimbursement policies, including reviewing and amending policies and procedures as well as engaging independent compliance counsel.
Ruhl, without admitting or denying the findings, similarly consented to cease and desist from committing or causing any violations of these provisions of the federal securities laws. He agreed to pay disgorgement and prejudgment interest of $20,320 as well as a penalty of $18,155. Ruhl is subject to a collateral bar, penny stock bar, and investment company bar with the right to apply for reentry after one year, and he is permanently barred from association in a supervisory capacity with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or credit rating agency.
The SEC’s investigation was conducted by Peter K. M. Chan along with Eric A. Celauro and Sally J. Hewitt in the Municipal Securities and Public Pensions Unit in the SEC’s Chicago Regional Office. The investigation resulted from a referral from the Chicago Regional Office’s examination staff including Thomas P. Conroy, Atif M. Shameem, John W. Ekdale, and Paul N. Mensheha. (Press Rel. 2013-136; Rel. 33-9434; Rel. 33-9435)
Commission Revokes Registration of Securities of Valcom, Inc. for Failure to Make Required Periodic Filings
On July 29, 2013, the Commission revoked the registration of each class of registered securities of Valcom, Inc. (Valcom) (stock symbol “VLCO”) for failure to make required periodic filings with the Commission.
Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, Valcom consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Valcom, Inc. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of Valcom’s securities pursuant to Section 12(j) of the Exchange Act. This Order settled the proceedings brought against Valcom in In the Matter of Griffin Mining, Ltd., et al., Administrative Proceeding File No. 3-15326.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . . (Rel. 34-70054)
Immediate Effectiveness of Proposed Rule Change
A proposed rule change filed by NYSE Arca, Inc. (SR-NYSEArca-2013-73) amending the NYSE Arca Options Fee Schedule with respect to cap on fees for firm and broker dealer open outcry executions 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 July 29th, 2013. (Rel. 34-70045)
Notice of Proposed Rule Change
Financial Industry Regulatory Authority, Inc. filed with the Securities and Exchange Commission a proposed rule change under Rule 19b-4 (SR-FINRA-2013-031) relating to participation on the Alternative Display Facility. Publication is expected in the Federal Register during the week of July 29th, 2013. (Rel. 34-70048)
Institution of Proceedings to Determine Whether to Approve or Disapprove Proposed Rule Changes
The Commission instituted proceedings to determine whether to approve or disapprove proposed rule changes submitted by New York Stock Exchange LLC (SR-NYSE-2013-21) and NYSE MKT LLC (SR-NYSEMKT-2013-25) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, amending NYSE Rule 104 and NYSE MKT Rule 104- Equities, as modified by Amendment Nos. 1, to codify certain traditional trading Floor functions that may be performed by Designated Market Makers, to make exchange systems available to DMMs that would provide DMMs with certain market information, to amend the exchanges’ rules governing the ability of DMMs to provide market information to Floor brokers, and to make conforming amendments to other rules. Publication is expected in the Federal Register during the week of July 29th, 2013. (Rel. 34-70047)
In the Matter of the Application of Topaz Exchange, LLC for Registration as a National Securities Exchange
The Commission has granted the application of Topaz Exchange, LLC (File No. 10-209) for registration as a national securities exchange pursuant to Section 6 of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 29th, 2013. (Rel. 34-70050)
Notice Of Filing and Order Approving and Declaring Effective an Amendment to the Plan for the Allocation of Regulatory Responsibilities Among NYSE MKT LLC, BATS Exchange, Inc., BOX Options Exchange LLC, C2 Options Exchange, Incorporated, The Chicago Board Options Exchange, Incorporated, the International Securities Exchange LLC, Financial Industry Regulatory Authority, Inc., NYSE Arca, Inc., The NASDAQ Stock Market LLC, NASDAQ OMX BX, Inc., The NASDAQ OMX PHLX, Inc., Miami International Securities Exchange, LLC, and Topaz Exchange, LLC Concerning Options-Related Sales Practice Matters
The Commission noticed, approved, and declared effective a proposed amendment, filed on June 21, 2013, to the plan for the allocation of regulatory responsibilities relating to options-related sales practice matters between NYSE MKT LLC, BATS Exchange, Inc., BOX Options Exchange LLC, C2 Options Exchange, Incorporated, the Chicago Board Options Exchange, Incorporated, the International Securities Exchange LLC, Financial Industry Regulatory Authority, Inc., NYSE Arca, Inc., The NASDAQ Stock Market LLC, NASDAQ OMX BX, Inc., the NASDAQ OMX PHLX, Inc., Miami International Securities Exchange, LLC, and Topaz Exchange, LLC pursuant to Rule 17d-2 under the Securities Exchange Act of 1934 (File No. S7-966). Publication of the notice and order is expected to be made in the Federal Register during the week of July 29th, 2013. (Rel. 34-70051)
Notice Of Filing and Order Approving and Declaring Effective an Amendment to Plan for the Allocation of Regulatory Responsibilities Pursuant To Rule 17d-2 Between NYSE MKT LLC, BATS Exchange, Inc., BOX Options Exchange LLC, NASDAQ OMX BX, INC., C2 Options Exchange, Incorporated, The Chicago Board Options Exchange, Incorporated, The International Securities Exchange LLC, Financial Industry Regulatory Authority, Inc., NYSE Arca, Inc., The NASDAQ Stock Market LLC, NASDAQ OMX PHLX, Inc., Miami International Securities Exchange, LLC and Topaz Exchange Concerning Options-Related Market Surveillance
The Commission noticed, approved, and declared effective a proposed amendment, filed on July 2, 2013, to the plan for the allocation of regulatory responsibilities relating to options-related market surveillance matters between NYSE MKT LLC, BATS Exchange, Inc., BOX Options Exchange LLC, C2 Options Exchange, Incorporated, the Chicago Board Options Exchange, Incorporated, the International Securities Exchange LLC, Financial Industry Regulatory Authority, Inc., NYSE Arca, Inc., The NASDAQ Stock Market LLC, NASDAQ OMX BX, Inc., the NASDAQ OMX PHLX, Inc., Miami International Securities Exchange, LLC, and Topaz Exchange, LLC pursuant to Rule 17d-2 under the Securities Exchange Act of 1934 (File No. 4-551). Publication of the proposal is expected to be made in the Federal Register during the week of July 29th, 2013. (Rel. 34-70052)
Notice of Filing of an Agreement between the Financial Industry Regulatory Authority, Inc. and Topaz Exchange, LLC
The Financial Industry Regulatory Authority, Inc. and Topaz Exchange, LLC filed with the Commission a proposed plan for the allocation of regulatory responsibilities pursuant to Rule 17d-2 (File No. 4-663). Publication of the proposal is expected to be made in the Federal Register during the week of July 29th, 2013. (Rel. 34-70053)
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-8 TESSERA TECHNOLOGIES INC, 3025 ORCHARD PARKWAY, SAN JOSE, CA, 95134, 4083216000 - 400,000 ($8,428,000.00) Equity, (File 333-190138 - Jul. 26) (BR. 10B) S-8 CoreSite Realty Corp, 1050 17TH STREET, SUITE 800, DENVER, CO, 80265, (866) 777-2673 - 0 ($98,190,000.00) Equity, (File 333-190142 - Jul. 26) (BR. 08B) S-3 BIOLASE, INC, 4 CROMWELL, IRVINE, CA, 92618, 949-361-1200 - 0 ($30,000,000.00) Equity, (File 333-190158 - Jul. 26) (BR. 10A) S-3ASR INTERNATIONAL BUSINESS MACHINES CORP, 1 NEW ORCHARD ROAD, ARMONK, NY, 10504, 9144991900 - 0 ($0.00) Other, (File 333-190160 - Jul. 26) (BR. 03B) S-8 RADISYS CORP, 5435 NE DAWSON CREEK DR, HILLSBORO, OR, 97124, 5036151100 - 750,000 ($3,705,000.00) Equity, (File 333-190171 - Jul. 26) (BR. 03C) S-8 RADISYS CORP, 5435 NE DAWSON CREEK DR, HILLSBORO, OR, 97124, 5036151100 - 750,000 ($3,705,000.00) Equity, (File 333-190176 - Jul. 26) (BR. 03C) S-8 NeuroMetrix, Inc., 62 FOURTH AVENUE, WALTHAM, MA, 02451, (781) 890-9989 - 386,111 ($694,999.80) Equity, (File 333-190177 - Jul. 26) (BR. 10B) S-8 NEUROCRINE BIOSCIENCES INC, 12780 EL CAMINO REAL, SAN DIEGO, CA, 92130, (858) 617-7600 - 1,500,000 ($20,760,000.00) Equity, (File 333-190178 - Jul. 26) (BR. 01B) S-8 APOGEE ENTERPRISES, INC., 4400 WEST 78TH STREET, SUITE 520, MINNEAPOLIS, MN, 55435, 6128351874 - 0 ($3,757,270.00) Equity, (File 333-190179 - Jul. 26) (BR. 06A) S-8 ABB LTD, PO BOX 8131, CH 8050, ZURICH SWITZERLAND, V8, 999999999, 0 ($18,370,855.65) Equity, (File 333-190180 - Jul. 26) (BR. 10A) S-8 METTLER TOLEDO INTERNATIONAL INC/, 1900 POLARIS PARKWAY, COLUMBUS, OH, 43240, 6144384511 - 3,136,097 ($678,024,171.40) Equity, (File 333-190181 - Jul. 26) (BR. 10B) S-8 SafeStitch Medical, Inc., 4400 BISCAYNE BLVD., SUITE A-100, MIAMI, FL, 33137, 305-575-4600 - 0 ($1,495,300.00) Equity, (File 333-190184 - Jul. 26) (BR. 08C) S-4 HORNBECK OFFSHORE SERVICES INC /LA, 103 NORTHPARK BOULEVARD, SUITE 300, COVINGTON, LA, 70433, 9857272000 - 0 ($450,000,000.00) Non-Convertible Debt, (File 333-190185 - Jul. 26) (BR. 05A) S-1 Genufood Energy Enzymes Corp., TWO ALLEN CENTER, 1200 SMITH STREET, SUITE 1600, HOUSTON, TX, 77002, 713-353-8834 - 3,500,000 ($2,999,850.00) Equity, (File 333-190186 - Jul. 26) (BR. 01C) S-8 RR Donnelley & Sons Co, 111 SOUTH WACKER DRIVE, CHICAGO, IL, 60606, 3123268000 - 0 ($61,800,000.00) Equity, (File 333-190187 - Jul. 26) (BR. 05A) S-3ASR EQUIFAX INC, 1550 PEACHTREE ST NW, ATLANTA, GA, 30302, 4048858000 - 0 ($0.00) Equity, (File 333-190189 - Jul. 26) (BR. 11A) S-8 EQUIFAX INC, 1550 PEACHTREE ST NW, ATLANTA, GA, 30302, 4048858000 - 0 ($671,330,000.00) Equity, (File 333-190190 - Jul. 26) (BR. 11A) S-3ASR BLACKSTONE MORTGAGE TRUST, INC., 345 PARK AVENUE, 42ND FLOOR, NEW YORK, NY, 10154, 2126550220 - 0 ($0.00) Other, (File 333-190191 - Jul. 26) (BR. 08C) S-8 LITHIA MOTORS INC, 150 NORTH BARTLETT STREET, MEDFORD, OR, 97501, 541-776-6401 - 7,000,000 ($122,980,000.00) Equity, (File 333-190192 - Jul. 26) (BR. 02C) S-1 DUNE ENERGY INC, TWO SHELL PLAZA, 777 WALKER STREET SUITE 2300, HOUSTON, TX, 77002, 7132296300 - 6,249,996 ($9,999,993.60) Equity, (File 333-190193 - Jul. 26) (BR. 04B) S-1 FIVE PRIME THERAPEUTICS INC, TWO CORPORATE DRIVE, SOUTH SAN FRANCISCO, CA, 94080, 415-365-5600 - 0 ($60,000,000.00) Equity, (File 333-190194 - Jul. 26) (BR. 01A) S-8 PHILLIPS 66 PARTNERS LP, 3010 BRIARPARK DRIVE, HOUSTON, TX, 77042, 855-283-9237 - 0 ($77,050,000.00) Equity, (File 333-190195 - Jul. 26) (BR. 04A) S-1 TENGION INC, 3929 WESTPOINT BLVD., SUITE G, WINSTON-SALEM, NC, 27103, 336-722-5855 - 129,964,189 ($116,967,770.00) Equity, (File 333-190196 - Jul. 26) (BR. 01A) S-8 WHITING PETROLEUM CORP, 1700 BROADWAY, SUITE 2300, DENVER, CO, 80290, 303-837-1661 - 5,300,000 ($263,410,000.00) Equity, (File 333-190197 - Jul. 26) (BR. 04A) F-3ASR ECOPETROL S.A., CARRERA 7 NO 37-69, BOGOTA, F8, 00000, 5712345000 - 0 ($0.00) Equity, (File 333-190198 - Jul. 26) (BR. 04B) S-4 GENCORP INC, 2001 AEROJET ROAD, RANCHO CORDOVA, CA, 95742, 916-355-4000 - 0 ($460,000,000.00) Debt, (File 333-190199 - Jul. 26) (BR. 06C) S-1 BIO KEY INTERNATIONAL INC, 3349 HIGHWAY 138, BUIDING D, SUITE B, WALL, NJ, 07719, 6516870414 - 16,026,947 ($5,158,086.00) Equity, (File 333-190200 - Jul. 26) (BR. 03B)
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 3D SYSTEMS CORP DE 5.02,9.01 07/23/13 3DICON CORP OK 1.01,2.03,9.01 07/22/13 AbbVie Inc. DE 2.02,9.01 07/26/13 Actavis, Inc. NV 8.01,9.01 07/25/13 Activision Blizzard, Inc. DE 1.01,2.02,5.02,9.01 07/25/13 ADCARE HEALTH SYSTEMS, INC OH 9.01 03/04/13 AMEND ALASKA COMMUNICATIONS SYSTEMS GROUP I DE 2.01 07/22/13 ALL GRADE MINING, INC. CO 3.03 07/25/13 Alliance Holdings GP, L.P. DE 2.02,9.01 07/26/13 ALLIANCE ONE INTERNATIONAL, INC. VA 1.01,9.01 07/26/13 ALLIANCE ONE INTERNATIONAL, INC. VA 8.01,9.01 07/26/13 ALLIANCE RESOURCE PARTNERS LP DE 2.02,9.01 07/26/13 AMCOL INTERNATIONAL CORP DE 2.02,9.01 07/25/13 AMERIANA BANCORP IN 2.02,9.01 07/26/13 American Express Issuance Trust II DE 8.01,9.01 07/18/13 American Realty Capital Trust V, Inc. MD 8.01,9.01 07/25/13 AMGEN INC DE 5.02 07/26/13 Ancestry.com LLC DE 8.01,9.01 07/26/13 Aon plc X0 2.02,9.01 07/26/13 APPLIANCE RECYCLING CENTERS OF AMERIC MN 5.02 07/22/13 Ascend Acquisition Corp. DE 5.02 07/22/13 ASTEC INDUSTRIES INC TN 8.01 07/25/13 ATHENAHEALTH INC DE 9.01 05/10/13 AMEND AUTONATION, INC. DE 5.02,9.01 07/25/13 AVX Corp DE 5.02,9.01 07/26/13 Bank of Marin Bancorp CA 5.02,8.01,9.01 07/25/13 BARNES GROUP INC DE 2.02,9.01 07/26/13 BARRETT BUSINESS SERVICES INC MD 7.01 07/26/13 BASIC ENERGY SERVICES INC 9.01 07/25/13 BBCN BANCORP INC DE 5.02,9.01 07/19/13 BBCN BANCORP INC DE 2.02,8.01,9.01 07/22/13 BCSB Bancorp Inc. 2.02,8.01,9.01 07/26/13 BEASLEY BROADCAST GROUP INC DE 2.02,9.01 07/26/13 BIO KEY INTERNATIONAL INC DE 1.01,3.02,9.01 07/23/13 BIOLOGIX HAIR INC. NV 1.01,3.02,9.01 06/18/13 BLACKSTONE MORTGAGE TRUST, INC. MD 8.01,9.01 07/26/13 Blugrass Energy, Inc. NV 5.02,5.03,5.07,9.01 06/28/13 BOSTON PRIVATE FINANCIAL HOLDINGS INC MA 8.01,9.01 07/26/13 BRIGGS & STRATTON CORP WI 2.02,9.01 07/26/13 BROWN FORMAN CORP DE 2.02,5.02, 07/25/13 5.07,7.01,9.01 BSB Bancorp, Inc. MD 2.02,9.01 07/25/13 BUCKEYE TECHNOLOGIES INC DE 7.01,8.01,9.01 07/26/13 BUTLER NATIONAL CORP DE 2.02,9.01 07/26/13 CalAmp Corp. DE 5.07 07/25/13 CAMDEN PROPERTY TRUST TX 2.02,9.01 07/25/13 CAPITALSOURCE INC DE 1.01,2.02,3.02,9.01 07/22/13 CAPSTEAD MORTGAGE CORP MD 2.02,9.01 07/24/13 CARDINAL FINANCIAL CORP VA 2.02,8.01,9.01 07/24/13 CEL SCI CORP CO 5.07 07/25/13 Charter Financial Corp MD 2.02,8.01,9.01 07/23/13 CHEMBIO DIAGNOSTICS, INC. NV 7.01,9.01 07/26/13 CHEMUNG FINANCIAL CORP NY 2.02,9.01 07/26/13 CHINA GREEN CREATIVE, INC. 5.03,9.01 07/26/13 CHOICE HOTELS INTERNATIONAL INC /DE DE 2.02,7.01,9.01 07/26/13 CHOICEONE FINANCIAL SERVICES INC MI 2.02,9.01 07/26/13 CHOICEONE FINANCIAL SERVICES INC MI 5.02 07/24/13 CHUY'S HOLDINGS, INC. DE 5.02,9.01 07/25/13 CITIBANK CREDIT CARD ISSUANCE TRUST DE 8.01 07/26/13 Citizens Community Bancorp Inc. MD 2.02,9.01 07/26/13 CITY HOLDING CO WV 2.02,9.01 07/23/13 CNS RESPONSE, INC. DE 1.01,3.02 07/22/13 COBRA ELECTRONICS CORP DE 2.02,9.01 07/26/13 CODEXIS INC 5.02 07/24/13 COGENT COMMUNICATIONS GROUP INC 5.02,9.01 07/26/13 COLUMBIA LABORATORIES INC DE 8.01,9.01 07/26/13 COLUMBUS MCKINNON CORP NY 2.02,9.01 07/26/13 COMMUNITY BANK NA, a subsidiary of Co DE 1.01,9.01 07/23/13 Community Bankers Trust Corp DE 2.02,8.01,9.01 07/24/13 COMPETITIVE TECHNOLOGIES INC DE 1.01,9.01 07/26/13 ConnectOne Bancorp, Inc. NJ 2.02,9.01 07/26/13 CONSTELLATION BRANDS, INC. DE 5.02,5.07,9.01 07/24/13 CorMedix Inc. DE 1.01,5.03,9.01 07/25/13 CORNERSTONE THERAPEUTICS INC DE 8.01 07/24/13 Corporate Capital Trust, Inc. MD 1.01,1.02,9.01 07/22/13 CORPORATE OFFICE PROPERTIES TRUST MD 2.02,9.01 07/26/13 CORPORATE PROPERTY ASSOCIATES 16 GLOB MD 1.01,5.03,8.01,9.01 07/25/13 COUNTERPATH CORP NV 7.01,9.01 07/25/13 CTD HOLDINGS INC FL 1.01,2.03 07/22/13 Customers Bancorp, Inc. PA 1.01,8.01,9.01 07/24/13 Cynk Technology Corp. NV 5.03,5.07,8.01,9.01 07/23/13 DEERE JOHN CAPITAL CORP DE 9.01 07/26/13 DEL TORO SILVER CORP. NV 1.01,3.02,9.01 07/19/13 dELiAs, Inc. DE 1.01,2.03, 07/25/13 3.02,8.01,9.01 DIGI INTERNATIONAL INC DE 2.02,9.01 07/25/13 AMEND Digital Realty Trust, Inc. 2.02,7.01,9.01 07/26/13 DJO Finance LLC DE 2.02,9.01 07/26/13 DONALDSON CO INC DE 8.01,9.01 07/26/13 DONEGAL GROUP INC DE 2.02,9.01 07/26/13 DOVER DOWNS GAMING & ENTERTAINMENT IN DE 3.01 07/25/13 DOVER MOTORSPORTS INC DE 3.01 07/25/13 DTE ENERGY CO MI 2.02,7.01,9.01 07/26/13 DUN & BRADSTREET CORP/NW DE 7.01,9.01 07/26/13 DUNE ENERGY INC DE 5.02 07/23/13 Eagle Bancorp Montana, Inc. 2.02,9.01 07/26/13 EDISON MISSION ENERGY DE 1.02 07/25/13 ENNIS, INC. TX 5.07 07/25/13 ENTERGY ARKANSAS INC AR 2.03,9.01 07/26/13 ENTERPRISE FINANCIAL SERVICES CORP DE 2.02,7.01,9.01 07/25/13 Entertainment Gaming Asia Inc. NV 5.07 07/26/13 EnviraTrends, Inc WY 8.01 07/25/13 EQUIFAX INC GA 8.01,9.01 07/26/13 Erickson Air-Crane Inc. DE 5.02,8.01,9.01 07/24/13 EVANS BANCORP INC NY 2.02,9.01 07/25/13 EverBank Financial Corp DE 5.02 07/23/13 Evolucia Inc. NV 1.01,2.03,3.02,9.01 04/22/13 AMEND EXIDE TECHNOLOGIES DE 5.02,8.01,9.01 07/25/13 FARMERS NATIONAL BANC CORP /OH/ OH 2.02,9.01 07/24/13 FEDERATED INVESTORS INC /PA/ PA 2.02,9.01 07/25/13 FIRST BANCSHARES INC /MS/ MS 2.02,7.01,9.01 07/26/13 FIRST BUSINESS FINANCIAL SERVICES, IN WI 7.01,9.01 07/26/13 FIRST COMMUNITY BANCSHARES INC /NV/ NV 2.02,7.01,9.01 07/25/13 FIRST FINANCIAL HOLDINGS INC /DE/ DE 2.02,9.01 07/26/13 FIRST INDUSTRIAL REALTY TRUST INC MD 2.02,9.01 07/25/13 First Internet Bancorp IN 2.02,5.02,9.01 07/22/13 FIRST POTOMAC REALTY TRUST MD 2.02,7.01,9.01 07/25/13 FIRST SECURITY GROUP INC/TN TN 5.02,5.07,9.01 07/24/13 FISHER COMMUNICATIONS INC WA 2.02,9.01 07/26/13 FISHER COMMUNICATIONS INC WA 8.01 07/25/13 FLOTEK INDUSTRIES INC/CN/ DE 9.01 05/10/13 AMEND FORUM ENERGY TECHNOLOGIES, INC. DE 2.02,9.01 07/25/13 FX ENERGY INC NV 8.01,9.01 07/25/13 GALLAGHER ARTHUR J & CO DE 5.02,9.01 07/26/13 GCI INC AK 2.01 07/22/13 GENCORP INC OH 8.01,9.01 07/26/13 GENCORP INC OH 9.01 06/14/13 AMEND GENERAL COMMUNICATION INC AK 2.01 07/22/13 Georgetown Bancorp, Inc. MD 2.02,8.01,9.01 07/26/13 GOLDEN STAR RESOURCES LTD 7.01,9.01 07/26/13 Goldspan Resources, Inc. NV 3.02,5.02,5.03,9.01 07/08/13 Goliath Film & Media Holdings 4.01,9.01 07/25/13 AMEND GORMAN RUPP CO OH 2.02,9.01 07/26/13 Graymark Healthcare, Inc. OK 1.01,2.01,2.03, 07/22/13 2.05,3.02,5.02 Graystone Co DE 3.02 07/17/13 AMEND Greenhouse Solutions Inc. NV 5.02 07/26/13 GULF ISLAND FABRICATION INC LA 2.02,9.01 07/25/13 GULF ISLAND FABRICATION INC LA 8.01,9.01 07/25/13 HAEMONETICS CORP MA 1.01,5.02,5.07 07/26/13 Hampden Bancorp, Inc. DE 7.01,9.01 07/25/13 HELMERICH & PAYNE INC DE 2.02,9.01 07/26/13 HERITAGE COMMERCE CORP CA 2.02,9.01 06/30/13 HMS HOLDINGS CORP 2.02,9.01 07/26/13 HOLLY ENERGY PARTNERS LP 7.01,9.01 07/26/13 Home Federal Bancorp, Inc. MD 2.02,9.01 07/26/13 HSN, Inc. DE 5.02 07/22/13 HUDSON VALLEY HOLDING CORP NY 8.01,9.01 07/26/13 HUMANA INC DE 5.02 07/24/13 ICONIX BRAND GROUP, INC. DE 2.02,9.01 07/24/13 IDEX CORP /DE/ DE 7.01,9.01 07/23/13 iGambit, Inc. DE 4.01,9.01 07/26/13 AMEND IMPAC MORTGAGE HOLDINGS INC MD 2.02,5.02, 07/23/13 5.07,7.01,9.01 ING U.S., Inc. DE 2.03,9.01 07/26/13 INTERMOUNTAIN COMMUNITY BANCORP ID 2.02,9.01 07/25/13 INTERNATIONAL LEASE FINANCE CORP CA 1.01,7.01,9.01 07/25/13 INTERPHASE CORP TX 2.02,9.01 07/25/13 INTERSIL CORP/DE DE 2.02,2.05,8.01 07/26/13 iPayment, Inc. DE 1.01 07/26/13 J C PENNEY CO INC DE 5.03,9.01 07/23/13 James River Coal CO VA 1.04 07/23/13 KBS Strategic Opportunity REIT, Inc. MD 2.01,9.01 06/07/13 AMEND KEMET CORP DE 5.07 07/25/13 KEY ENERGY SERVICES INC MD 2.02,9.01 07/25/13 KKR & Co. L.P. DE 2.02,9.01 07/26/13 Kodiak Oil & Gas Corp B0 1.01,2.03,8.01,9.01 07/23/13 KWEST INVESTMENT INTERNATIONAL LTD. NV 5.07 07/26/13 LAKELAND BANCORP INC NJ 7.01,9.01 07/26/13 LEAR CORP DE 2.02,9.01 07/26/13 Liberty Global plc X0 8.01 07/25/13 LIFEPOINT HOSPITALS, INC. 2.02,9.01 07/26/13 Lightyear Network Solutions, Inc. NV 5.07,8.01 07/26/13 Live Brands, Inc. 3.02,5.01,5.02 05/07/13 AMEND LyondellBasell Industries N.V. P7 2.02,7.01,9.01 07/26/13 MACKINAC FINANCIAL CORP /MI/ MI 2.02,9.01 07/26/13 Magyar Bancorp, Inc. DE 2.02,9.01 07/26/13 Marina District Finance Company, Inc. NJ 1.01,2.03,8.01,9.01 07/24/13 MARKWEST ENERGY PARTNERS L P 8.01,9.01 07/24/13 MATERION Corp 2.02,9.01 07/26/13 MCCLATCHY CO DE 5.02,9.01 07/23/13 MDU RESOURCES GROUP INC DE 5.02,9.01 07/24/13 MERIDIAN BIOSCIENCE INC OH 2.02,9.01 07/25/13 METALICO INC 8.01,9.01 07/26/13 Mid-Con Energy Partners, LP DE 7.01,8.01,9.01 07/24/13 MILLER ENERGY RESOURCES, INC. TN 5.02,9.01 07/22/13 MOBILE MINI INC DE 5.07 07/24/13 Monotype Imaging Holdings Inc. DE 2.02,9.01 07/26/13 MONRO MUFFLER BRAKE INC NY 2.02,8.01,9.01 07/25/13 MOOG INC. NY 2.02,9.01 07/26/13 MS STRUCTURED ASSET CORP CBT SERIES 2 DE 8.01,9.01 07/26/13 MVP REIT, Inc. MD 1.01,9.01 07/25/13 MYERS INDUSTRIES INC OH 8.01,9.01 07/24/13 NATIONAL BANKSHARES INC VA 2.02,9.01 07/18/13 AMEND NCR CORP MD 1.01,2.03 07/25/13 NETREIT, INC. MD 5.07 07/26/13 NETSOL TECHNOLOGIES INC NV 5.02 07/26/13 NEW YORK COMMUNITY BANCORP INC DE 7.01,9.01 07/25/13 NEWBRIDGE BANCORP NC 7.01,9.01 07/26/13 NEWELL RUBBERMAID INC DE 2.02,9.01 07/26/13 NEWMONT MINING CORP /DE/ DE 2.02,9.01 07/25/13 NEWPARK RESOURCES INC DE 2.02,9.01 07/25/13 NEXSTAR BROADCASTING GROUP INC DE 8.01,9.01 07/26/13 Noble Corp / Switzerland V8 8.01,9.01 07/26/13 NORTHWEST INDIANA BANCORP IN 5.02,9.01 07/26/13 NRG Yield, Inc. DE 1.01,2.03,5.02, 07/22/13 5.03,8.01,9.01 NuStar Energy L.P. DE 2.02,9.01 07/26/13 NuStar GP Holdings, LLC DE 2.02,9.01 07/26/13 NV ENERGY, INC. NV 2.02,7.01,9.01 07/26/13 OCCIDENTAL PETROLEUM CORP /DE/ DE 5.02,9.01 07/22/13 Ocean Power Technologies, Inc. NJ 5.02 07/22/13 Oconee Federal Financial Corp. 8.01,9.01 07/25/13 OLD DOMINION ELECTRIC COOPERATIVE VA 5.02 07/23/13 OLD NATIONAL BANCORP /IN/ IN 5.02 07/25/13 AMEND OLD REPUBLIC INTERNATIONAL CORP DE 2.02,9.01 07/25/13 OLIN CORP VA 2.02,7.01,9.01 07/25/13 ONEOK INC /NEW/ OK 7.01,8.01,9.01 07/26/13 ONEOK Partners LP DE 7.01,8.01,9.01 07/26/13 Pacific Coast Oil Trust DE 2.02,9.01 07/26/13 Pacific Ethanol, Inc. DE 5.07 06/18/13 AMEND Pacific Green Technologies Inc. DE 4.01,9.01 07/22/13 PACWEST BANCORP DE 1.01,2.02,3.02,9.01 07/22/13 PALADIN REALTY INCOME PROPERTIES INC MD 1.01,8.01,9.01 07/24/13 PAM TRANSPORTATION SERVICES INC DE 2.02,9.01 07/26/13 PARK ELECTROCHEMICAL CORP NY 5.07 07/23/13 Park Sterling Corp NC 2.02,7.01,8.01,9.01 07/26/13 PAULSON CAPITAL CORP OR 1.01,3.02, 07/18/13 5.02,5.08,9.01 PC TEL INC DE 8.01,9.01 07/25/13 PCM, INC. DE 5.07 07/25/13 PENNSYLVANIA REAL ESTATE INVESTMENT T PA 2.02,9.01 07/23/13 PEOPLES BANCORP INC OH 2.02,7.01,8.01,9.01 07/23/13 Peoples Federal Bancshares, Inc. 2.02,9.01 07/26/13 PETMED EXPRESS INC FL 8.01,9.01 07/26/13 PHAZAR CORP DE 5.07,8.01,9.01 07/24/13 PHILLIPS 66 PARTNERS LP DE 1.01,5.02,5.03,9.01 07/22/13 PINNACLE ENTERTAINMENT INC. DE 1.01,8.01,9.01 07/24/13 PMI GROUP INC DE 7.01,9.01 07/26/13 PRINCIPAL FINANCIAL GROUP INC DE 2.02,9.01 07/26/13 PROVECTUS PHARMACEUTICALS INC NV 1.01,9.01 07/22/13 PROVIDENT FINANCIAL SERVICES INC DE 2.02,7.01,9.01 07/26/13 PVH CORP. /DE/ DE 5.02 07/23/13 REAL ESTATE ASSOCIATES LTD/CA CA 2.01,9.01 07/25/13 REPUBLIC AIRWAYS HOLDINGS INC DE 2.02,9.01 07/25/13 Rhino Resource Partners LP DE 5.02 07/23/13 RIVERVIEW BANCORP INC WA 5.07 07/24/13 SAIA INC DE 2.02,9.01 07/26/13 SALISBURY BANCORP INC CT 2.02,8.01,9.01 07/26/13 SANMINA CORP DE 5.02,9.01 07/24/13 Sanwire Corp 8.01 07/23/13 SBT Bancorp, Inc. CT 8.01,9.01 07/26/13 SCBT FINANCIAL CORP SC 2.02,9.01 07/26/13 SEMPRA ENERGY CA 5.02 07/26/13 SENSIENT TECHNOLOGIES CORP WI 2.02,9.01 07/25/13 SENSIENT TECHNOLOGIES CORP WI 5.02,5.03,9.01 07/25/13 SHFL entertainment Inc. MN 8.01,9.01 07/26/13 SILGAN HOLDINGS INC DE 2.02,9.01 07/26/13 SKYLINE CORP IN 2.02,9.01 07/26/13 SLAVIA, CORP. NV 5.07 07/25/13 Solera National Bancorp, Inc. DE 2.02,9.01 07/26/13 Southern National Bancorp of Virginia VA 2.02,8.01,9.01 07/25/13 SRA INTERNATIONAL, INC. VA 2.06 07/26/13 STANLEY BLACK & DECKER, INC. CT 2.02,9.01 07/26/13 STERIS CORP OH 5.07 07/25/13 STONEMOR PARTNERS LP DE 5.02,9.01 07/22/13 STURM RUGER & CO INC DE 8.01,9.01 07/25/13 SUBURBAN PROPANE PARTNERS LP DE 7.01,8.01,9.01 07/25/13 SUFFOLK BANCORP NY 8.01,9.01 07/24/13 SUNOCO LOGISTICS PARTNERS L.P. DE 8.01,9.01 07/26/13 SUPREME INDUSTRIES INC DE 2.02,9.01 07/25/13 SYNERGY RESOURCES CORP CO 1.01,9.01 07/24/13 SYNOVUS FINANCIAL CORP GA 8.01,9.01 07/26/13 SYNTHESIS ENERGY SYSTEMS INC DE 1.01,8.01,9.01 07/24/13 SYNTROLEUM CORP DE 8.01 07/26/13 TANDY BRANDS ACCESSORIES INC DE 1.01,1.02, 07/24/13 2.03,8.01,9.01 TF FINANCIAL CORP PA 8.01,9.01 07/26/13 THERMO FISHER SCIENTIFIC INC. DE 1.01,1.02,2.03,9.01 07/25/13 TIDEWATER INC DE 8.01,9.01 07/22/13 TILE SHOP HOLDINGS, INC. DE 5.02,5.07,9.01 07/23/13 TIME WARNER INC. DE 9.01 07/22/13 TNI BIOTECH, INC. FL 8.01,9.01 07/17/13 Tower International, Inc. DE 1.01,9.01 07/24/13 Trade Street Residential, Inc. MD 5.02,7.01,9.01 07/22/13 TRICO BANCSHARES / CA 8.01,9.01 07/25/13 TRIUMPH GROUP INC DE 2.02,9.01 07/25/13 TUFCO TECHNOLOGIES INC DE 1.01,5.02 07/24/13 TWENTY-FIRST CENTURY FOX, INC. 8.01,9.01 07/26/13 TYCO INTERNATIONAL LTD V8 2.02,9.01 07/26/13 UNION FIRST MARKET BANKSHARES CORP VA 8.01,9.01 07/25/13 UNIPROP MANUFACTURED HOUSING COMMUNIT MI 8.01 07/26/13 UNITED BANCORP INC /MI/ MI 2.02,9.01 07/26/13 UNITED SECURITY BANCSHARES CA 5.02,9.01 07/25/13 UNIVERSAL HEALTH SERVICES INC DE 2.02,5.02,9.01 07/24/13 UNIVERSAL TECHNICAL INSTITUTE INC DE 2.02,9.01 07/26/13 Universal Truckload Services, Inc. MI 2.02,8.01,9.01 07/25/13 US GEOTHERMAL INC DE 5.02,8.01,9.01 07/26/13 USEC INC DE 5.02,9.01 07/25/13 VAIL RESORTS INC DE 5.02,9.01 07/24/13 VALLEY FINANCIAL CORP /VA/ VA 2.02,9.01 07/25/13 VECTREN CORP IN 8.01,9.01 07/25/13 VENTAS INC DE 2.02,9.01 07/26/13 VIAD CORP DE 2.02,9.01 07/26/13 VISA INC. DE 8.01 07/26/13 VOXX International Corp DE 5.07 07/24/13 VW CREDIT LEASING LTD 8.01,9.01 07/25/13 WABCO Holdings Inc. DE 2.02,5.02,7.01,9.01 07/25/13 WASHINGTON BANKING CO WA 2.02,8.01,9.01 07/25/13 WashingtonFirst Bankshares, Inc. VA 2.02,9.01 07/24/13 WAYNE SAVINGS BANCSHARES INC /DE/ DE 2.02,9.01 07/25/13 WAYNE SAVINGS BANCSHARES INC /DE/ DE 5.03,9.01 07/26/13 WEIS MARKETS INC PA 2.02,9.01 07/26/13 WEST BANCORPORATION INC IA 2.02,9.01 07/26/13 Western Refining, Inc. DE 7.01,9.01 07/25/13 WEYERHAEUSER CO WA 2.02,9.01 07/26/13 Wheeler Real Estate Investment Trust, MD 2.02,9.01 07/22/13 WisdomTree Investments, Inc. DE 2.02,9.01 07/26/13 WSFS FINANCIAL CORP DE 2.02,9.01 07/25/13 XPLORE TECHNOLOGIES CORP DE 2.02,9.01 07/25/13 ZAP CA 8.01 07/17/13 ZYNGA INC DE 2.02,8.01,9.01 07/25/13 AMEND