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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2011-66
April 6, 2011

Commission Announcements

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.

Next Steps

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)

Enforcement Proceedings

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 acquisition of Advanced Digital Information Corp. by Quantum Corp., announced May 2, 2006.
  • The acquisition of Acxiom Corp. by multiple entities, announced on May 17, 2007.
  • The strategic recapitalization of Palm Inc. with Elevation Partners LP, announced June 4, 2007.
  • The planned acquisition of 3Com Corp. by Bain Capital LLC, announced Sept. 28, 2007.
  • The acquisition of Visual Sciences Inc. by Omniture Inc., announced Oct. 25, 2007.
  • The acquisition of Ansoft Corp. by Ansys Inc., announced March 31, 2008.
  • The acquisition of Sun Microsystems Inc. by Oracle Corp., announced April 20, 2009.
  • The acquisition of Omniture Inc. by Adobe Systems Inc., announced Sept. 15, 2009.
  • The acquisition of 3Com Corp. by Hewlett-Packard Co., announced Nov. 11, 2009.
  • The acquisition of McAfee Inc. by Intel Corp., announced Aug. 19, 2010.
  • The acquisition of Zoran Corp. by CSR PLC, announced Feb. 20, 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)

Self-Regulatory Organizations

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)

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.

        97225021322 - 2,500,000 ($75,000.00) Equity, (File 333-173302 - Apr. 5) 
        (BR. )

        5017487000 - 0 ($200,000,000.00) Non-Convertible Debt, 
        (File 333-173305 - Apr. 5) (BR. 11B)

        5017487000 - 0 ($600,000,000.00) Non-Convertible Debt, 
        (File 333-173307 - Apr. 5) (BR. 11B)

        5017487000 - 0 ($450,000,000.00) Non-Convertible Debt, 
        (File 333-173308 - Apr. 5) (BR. 11B)

        815-575-4815 - 3,000,000 ($300,000.00) Debt, (File 333-173309 - Apr. 5) 
        (BR. 09)

        9524485440 - 0 ($6,690,000.00) Equity, (File 333-173310 - Apr. 5) 
        (BR. 10A)

        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. )

        33334, 954-360-9022 - 9,184,551 ($4,867,812.03) Equity, 
        (File 333-173315 - Apr. 5) (BR. 11C)

        33334, 954-360-9022 - 0 ($17,526,116.85) Equity, (File 333-173316 - 
        Apr. 5) (BR. 11C)

        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. )

        32226, 9047517100 - 0 ($3,792,000.00) Equity, (File 333-173319 - 
        Apr. 5) (BR. 05C)

        94043, 6509616676 - 548,174 ($22,941,081.90) Equity, (File 333-173320 - 
        Apr. 5) (BR. 10B)

        CA, 92660, 949 720 6000 - 0 ($600,000,000.00) Equity, 
        (File 333-173321 - Apr. 5) (BR. )

        CHESTERFIELD, MO, 63017, 636 728 3032 - 0 ($260,000,000.00) Debt, 
        (File 333-173322 - Apr. 5) (BR. 10C)

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

'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
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
Crestwood Midstream Partners LP         DE       1.01,2.01,3.02,5.03, 04/01/11
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
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
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
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
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
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
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

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
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
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
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



Modified: 04/06/2011