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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2012-77
April 20, 2012

Commission announcements

SEC Charges Father-and-Son Hedge Fund Managers Who Agree to Pay $4.8 Million to Settle Fraud Case

The Securities and Exchange Commission today charged a Boston-based father-son duo of hedge fund managers and their firms with securities fraud for misleading investors about their investment strategy and past performance.

The SEC’s investigation found that Gabriel and Marco Bitran raised millions of dollars for their hedge funds through GMB Capital Management LLC and GMB Capital Partners LLC by falsely telling investors they had a lengthy track record of success based on actual trades using real money. In truth, the Bitrans knew the track record was based on back-tested hypothetical simulations. The Bitrans also misled investors in certain hedge funds to believe they used quantitative optimal pricing models devised by Gabriel Bitran to invest in exchange-traded funds (ETFs) and other liquid securities. Instead, they merely invested the money almost entirely in other hedge funds. GMB Capital Management later provided false documents to SEC staff examining the firm’s claims in marketing materials of a successful track record.

The Bitrans agreed to be barred from the securities industry and pay a total of $4.8 million to settle the SEC’s charges.

“The Bitrans solicited investors by touting an impressive track record and a unique investment strategy, and they lied about both,” said David P. Bergers, Director of the SEC’s Boston Regional Office.

According to the SEC’s order instituting settled administrative proceedings, Gabriel Bitran founded GMB Capital Management in 2005 for the stated purpose of managing hedge funds using quantitative models he developed based on his academic optimal pricing research to trade primarily ETFs. He and his son Marco Bitran solicited potential investors with three primary selling points:

  • Very successful performance track records based on actual trades using real money from 1998 to the inception of the hedge funds.
  • The firm’s use of Gabriel Bitran’s proprietary optimal pricing model to trade ETFs.
  • Gabriel Bitran’s involvement as founder and portfolio manager of the funds.

The SEC’s order states that over a period of three years, the Bitrans raised more than $500 million for eight hedge funds and various managed accounts while making these misrepresentations to investors. In order to market the hedge funds, GMB Management and the Bitrans created performance track records beginning in January 1998 showing double-digit annualized return without any down years. They distributed these track records to potential investors in marketing materials, and told investors that they were based on actual trading with real money using Gabriel Bitran’s optimal pricing models. In reality, the Bitrans knew their representations were false and the track records were based on hypothetical historical investments. For two of their hedge funds, they created track records showing annualized returns of 16.2 percent and 11.7 percent with no down years, and told investors the returns were based on actual trading when in fact they were based on hypothetical historical allocations to hedge fund managers.

According to the SEC’s order, investors were misled to believe their money was being invested according to Gabriel Bitran’s unique quant strategy when in reality certain GMB hedge funds were merely investing predominantly in other hedge funds without his involvement. For example, investors in two GMB hedge funds were told that Gabriel Bitran spent 80 percent of his time managing the funds and was involved in reviewing trades in the funds on a daily basis. However, he actually had no role in the management of either fund. Both funds experienced a series of losses at the end of 2008, and GMB eventually dissolved them. When a possible financial fraud at the Petters Group Worldwide was reported in late September 2008, the two hedge funds’ investments in a fund that was entirely invested in the Petters Group became illiquid. However, GMB did not disclose to investors that it had been impacted by the Petters fraud, instead sending investors a letter stating that “a swap instrument that the Fund entered into seeking to realize a higher return on a portion of its uninvested cash” had become illiquid because “one of the parties underlying the swap instrument is currently experiencing a credit and liquidity crisis, in conjunction with other alleged factors.” Furthermore, the two GMB funds suffered significant losses in hedge funds that had invested with Bernard Madoff. These investments in funds that ultimately invested with the Petters Group and Madoff were made contrary to what GMB investors were told.

According to the SEC’s order, during an SEC examination of GMB Capital Management, the firm produced a document that the Bitrans claimed was a real-time record of Gabriel Bitran’s trades since 1998. In fact, the document was false and created solely for the purpose of responding to the SEC staff’s request for the books and records that supported GMB’s performance claims.

The GMB entities and the Bitrans neither admitted nor denied the SEC’s findings in settling the charges. They agreed to pay disgorgement of $4.3 million. Gabriel and Marco Bitran also agreed to pay $250,000 each in penalties and be barred from the securities industry, and the GMB entities will be censured. The SEC’s order requires the Bitrans and the GMB entities to cease and desist from committing or causing any violations and any future violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 204, 206(1), 206(2) and 206(4) of the Advisers Act and Rules 204-2(a)(16) and 206(4)-8 thereunder.

The SEC’s investigation was conducted by Kerry Dakin, Kevin Kelcourse, and Kathleen Shields of the Boston Regional Office. Paul Prata, Elizabeth Ward, and Milton Pepin of the Boston Regional Office worked on the SEC’s examination. Stuart Jackson of the SEC’s Division of Risk, Strategy, and Financial Innovation assisted in the investigation. (Press Rel. 2012-71; 33-9315)

SEC Charges British Twin Brothers Touting “Stock Picking Robot” in Internet Pump-and-Dump Scheme

The Securities and Exchange Commission today charged twin brothers from the U.K. with defrauding approximately 75,000 investors through an Internet-based pump-and-dump scheme in which they touted a fake “stock picking robot” that purportedly identified penny stocks set to double in price. Instead, the brothers were merely touting stocks they were being paid separately to promote.

The SEC alleges that Alexander John Hunter and Thomas Edward Hunter were just 16 years old when they set their fraud in motion beginning in 2007. They disseminated e-mail newsletters through a pair of websites they created to tout stocks selected by the robot – which they described as a highly sophisticated computer trading program that was the product of extensive research and development. Their claims were persuasive as the Hunters received at least $1.2 million from investors primarily in the U.S. who paid $47 apiece for annual newsletter subscriptions. Some investors paid an additional fee for the “home version” of the robot software.

In reality, the SEC alleges that the Hunters used a third website to offer their services as stock promoters, claiming that they could “rocket” a stock’s price and increase its volume by sending out newsletters. The Hunters were consequently paid at least $1.865 million in fees from known or suspected stock promoters, and they did not disclose to their newsletter followers the conflicting relationship between their two businesses.

“The Hunters used the anonymity of the Internet and the promise of easy riches to prey on investors,” said Thomas A. Sporkin, Chief of the SEC’s Office of Market Intelligence. “While touting their supposed breakthrough investment technology on two websites, the Hunters were racking up fees as stock promoters through a third.”

According to the SEC’s complaint filed in U.S. District Court for the Southern District of New York, the Hunters created websites Doublingstocks.com and Daytradingrobot.com to falsely tout that a former trading algorithm programmer from a large investment bank had designed a stock picking robot that they named “Marl.” The robot could purportedly analyze the over-the-counter securities markets and identify penny stocks that were set to experience large price increases. The brothers offered investors paid subscriptions to their e-mail newsletter that would contain the robot’s latest stock pick.

The SEC alleges that the brothers separately created the website Equitypromoter.com where they marketed their newsletter subscriber list to penny stock promoters and boasted, “One email to this list of people rockets a stock price.” The Hunters were in turn paid to send selected penny stock ticker symbols to their subscribers, who were misled to believe that the stock “picks” were the product of the robot. The Hunters sent out their newsletters near the beginning of the trading day, and the price and volume of the promoted stocks spiked dramatically as newsletter subscribers rushed to purchase shares. However, the stocks typically fell precipitously shortly thereafter, leaving investors with shares worth less than they had purchased them for earlier in the day.

According to the SEC’s complaint, the Hunters also offered subscribers a downloadable version of the stock picking robot for an additional fee of $97. Rather than performing the analysis advertised, the software was actually designed to just deliver users a stock pick supplied by the brothers. In soliciting bids in 2007 from free-lance coders to create the software, Alexander Hunter wrote that the software should “not actually find stocks at all. It should connect to my database and simply request any new stocks I have put in.” He bluntly explained that the software “is almost a ‘fake’ piece of software and needs to simply appear advanced to the user.” Like the newsletter, the home version of the stock picking robot was no more than a fraudulent delivery vehicle for stock symbols that the Hunters had been compensated to promote.

The SEC’s complaint charges the Hunters with violating the anti-fraud provisions of the U.S. securities laws, namely Section 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 is seeking permanent injunctions, disgorgement of all ill-gotten gains with prejudgment interest, and financial penalties.

The SEC’s investigation was conducted by Adam M. Schoeberlein. The SEC’s litigation will be led by Robert I. Dodge. (Press Rel. 2012-72; LR-22339)

Commission Meetings

Closed Meeting on Thursday, April 26, 2012 at 2:00 p.m.

The subject matter of the Closed Meeting scheduled for Thursday, April 26, 2012 will be: institution and settlement of injunctive actions; institution and settlement of administrative proceedings; other matters relating to enforcement proceedings; and an opinion.

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

Commission Revokes Registration of Securities of Mikron Infrared, Inc. (n/k/a LumaSense Technologies, Inc.) For Failure to Make Required Periodic Filings

On April 20, 2012, the Commission revoked the registration of each class of registered securities of Mikron Infrared Inc. (n/k/a LumaSense Technologies, Inc.) 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, Mikron Infrared Inc. (n/k/a LumaSense Technologies, Inc.) 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 Mikron Infrared Inc. (n/k/a LumaSense Technologies, 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 Mikron Infrared Inc. (n/k/a LumaSense Technologies, Inc.) securities pursuant to Section 12(j) of the Exchange Act. This Order settled the proceedings brought against Mikron Infrared Inc. (n/k/a LumaSense Technologies, Inc.) in In the Matter of Jetborne International, Inc., et al., Administrative Proceeding File No. 3-14809.

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 . . . .

For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, International, Inc., et al., Administrative Proceeding File No. 3-14809, Exchange Act Release No. 66640, March 21, 2012. (Rel. 34-66836; File No. 3-14809)

Commission Bars Vladimir Boris Bugarski, Vladislav Walter Bugarski, and Aleksander Negovan Bugarski Following Injunction in Federal Court

The Commission barred Vladimir Boris Bugarski, Vladislav Walter Bugarski, and Aleksander Negovan Bugarski (collectively, "Respondents"), principals of mUrgent Corporation, from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization and from participating in any offering of penny stock. The Commission found that Respondents had been enjoined in federal district court from violating various provisions of the securities laws in connection with a civil suit brought by the Commission alleging that mUrgent and Respondents raised approximately $9.6 million through unregistered offerings by making material misrepresentations and omissions concerning mUrgent's business performance and financing plans. Based upon the injunction and the facts alleged in suit, the Commission determined that the public interest required Respondents be barred, stating that "barring Respondents from participating in the securities industry and from participating in an offering of penny stock provides an important additional layer of protection to the public beyond the sanctions imposed by the district court." (Rel. 34-66842; File No. 3-14496)

In the Matter of Montford and Company, Inc. d/b/a Montford Associates, and Ernest V. Montford, Sr.

An Administrative Law Judge issued an Initial Decision in Montford and Company, Inc. d/b/a Montford Associates, and Ernest V. Montford, Sr., Admin. Proc. 3-14536, Initial Decision Release No. 457. The Initial Decision finds Respondents violated Sections 206(1), 206(2), and 207 of the Investment Advisers Act of 1940 (Advisers Act), and Ernest V. Montford, Sr., (Montford) aided, abetted, and caused Montford and Company, Inc., d/b/a/ Montford Associates’ (Montford Associates) violations of Advisers Act Section 204 and Advisers Act Rule 204-1(a)(2).

Montford Associates, until March 30, 2012, a federally-registered investment adviser chartered in Georgia, admitted, among other things, accepting a total of $210,000 in 2010 from an investment manager that it recommended to clients without disclosure in Montford Associates’ Forms ADV or in communications with clients or prospective clients.

The Initial decision: (1) orders Respondents to disgorge $130,000, with prejudgment interest from February 1, 2010, and $80,000, with prejudgment interest from December 1, 2010; (2) orders Montford Associates to pay a civil penalty of $500,000 and Montford to pay a civil penalty of $150,000; (3) establishes a Fair Fund so that the amount of disgorgement and civil penalties can be used for the benefit of Montford Associates’ clients harmed by the violations found in the Initial Decision; (4) bars Montford from association with an investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and (5) orders that Montford Associates and Montford cease and desist from committing or causing any violations, and any future violations, of Sections 204, 206(1), 206(2), and 207 of the Advisers Act and Advisers Act Rule 204-1(a)(2). (Initial Decision No. 457; File No. 3-14536)

self-regulatory organizations

Approval of Proposed Rule Changes

The Commission approved a proposed rule change submitted by the Financial Industry Regulatory Authority, Inc. (SR-FINRA-2012-020), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, relating to post-trade transparency for agency pass-through mortgage-backed securities traded TBA. Publication is expected in the Federal Register during the week of April 23. (Rel. 34-66829)

The Commission approved proposed rule changes (SR-EDGA-2012-08; SR-EDGX-2012-07; SR-ISE-2012-21) submitted by EDGA Exchange, Inc.; EDGX Exchange, Inc.; and International Securities Exchange, LLC; pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder relating to a corporate transaction in which SIX Swiss Exchange AG will transfer its interest in ISE Holdings, Inc. to a newly formed Swiss corporation, Eurex Global Derivatives AG. Publication is expected in the Federal Register during the week of April 23. (Rel. 34-66834)

Immediate Effectiveness of Proposed Rule Change

A proposed rule change filed by NYSE Arca, Inc. amending NYSE Arca Equities Rule 7.31 to specify how the immediate-or-cancel time-in-force instructions are applicable to an MPL Order (SR-NYSEArca-2012-32) 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 23. (Rel. 34-66833)

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.

S-1     TrovaGene Inc., 11055 FLINTKOTE AVENUE, SAN DIEGO, CA, 92121, 
        858-217-5420 - 0 ($18,000,000.00) Equity, (File 333-180810 - Apr. 19) 
        (BR. 01B)

        89445, (775) 625-3600 - 0 ($24,638,040.00) Equity, (File 333-180812 - 
        Apr. 19) (BR. 09A)

        350 JERICHO TURNPIKE, SUITE 206, JERICHO, NY, 11753, (646) 881-4985 - 
        167,224 ($1,000,000.00) Equity, (File 333-180813 - Apr. 19) (BR. 16)

        704-566-2400 - 0 ($34,860,000.00) Equity, (File 333-180814 - Apr. 19) 
        (BR. 02A)

        704-566-2400 - 0 ($5,229,000.00) Equity, (File 333-180815 - Apr. 19) 
        (BR. 02A)

        92653-1512, 9497709347 - 140,000,000 ($455,000.00) Equity, 
        (File 333-180816 - Apr. 19) (BR. 03A)

S-1     Safe & Sound International Inc., 77-83 JUDITH ST, CRESTMEAD, C3, 4132, 
        011-61-409346458 - 990,000 ($955,746.00) Face Amount Certificates, 
        (File 333-180817 - Apr. 19) (BR. )

        89118, 888-455-6183 - 5,763,800 ($660.53) Equity, (File 333-180818 - 
        Apr. 19) (BR. 09)

S-3     Ameris Bancorp, 24 2/ND/ AVENUE, MOULTRIE, GA, 31768, 9128901111 - 
        52,000 ($52,000,000.00) Equity, (File 333-180820 - Apr. 19) (BR. 07B)

S-B     KOREA DEVELOPMENT BANK, 2126887686 - 0 ($5,000,000,000.00) Debt, 
        (File 333-180821 - Apr. 19) (BR. DN)

        8013639152 - 0 ($187,200,000.00) Equity, (File 333-180822 - Apr. 19) 
        (BR. 09A)

        8013639152 - 0 ($198,120,004.00) Equity, (File 333-180823 - Apr. 19) 
        (BR. 09A)

        8013639152 - 0 ($53,039,994.00) Equity, (File 333-180824 - Apr. 19) 
        (BR. 09A)

        6072733210 - 0 ($89,689,009.00) Equity, (File 333-180825 - Apr. 19) 
        (BR. 07C)

S-8     BIOCUREX INC, 7080 RIVER RD, STE 215, RICHMOND, A1, V6X 1X5, 
        6042079150 - 20,000,000 ($200,000.00) Equity, (File 333-180826 - 
        Apr. 19) (BR. 10A)

S-8     NORTHERN TRUST CORP, 50 S LASALLE ST, CHICAGO, IL, 60603, 3126306000 - 
        0 ($1,378,200,000.00) Equity, (File 333-180827 - Apr. 19) (BR. 12A)

        NJ, 07424, 9733573100 - 2,000,000 ($127,360,000.00) Equity, 
        (File 333-180828 - Apr. 19) (BR. 06A)

        9149861101 - 600,000 ($8,364,000.00) Equity, (File 333-180829 - 
        Apr. 19) (BR. 11A)

        609-359-3020 - 2,000,000 ($6,020,000.00) Equity, (File 333-180832 - 
        Apr. 19) (BR. 10A)

        NY, 11042, 5168699000 - 0 ($0.00) Debt, 0 ($0.00) Equity, 
        (File 333-180833 - Apr. 19) (BR. 08B)

S-4     Level 3 Financing, Inc., 1025 ELDORADO BLVD., BROOMFIELD, CO, 80021, 
        720-888-1000 - 0 ($900,000,000.00) Debt, (File 333-180834 - Apr. 19) 
        (BR. 11C)

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

ACACIA RESEARCH CORP                    DE       2.02,9.01            04/19/12

ADVANCED MICRO DEVICES INC              DE       2.02,7.01,9.01       04/19/12

AEMETIS, INC                            NV       1.01,2.03,9.01       04/13/12

Affinity Gaming, LLC                    NV       5.02,9.01            09/23/11

AFS SenSub Corp.                                 8.01,9.01            04/19/12

AgFeed Industries, Inc.                 NV       2.02,5.02,9.01       04/18/12

Aircastle LTD                           D0       7.01,9.01            04/18/12

ALASKA AIR GROUP INC                    DE       2.02,7.01,9.01       04/18/12

ALLIANCE DATA SYSTEMS CORP              DE       2.02,7.01,9.01       04/19/12

ALLSTATE CORP                           DE       7.01,9.01            04/19/12

ALTERA CORP                             DE       2.02,9.01            04/19/12

AMCON DISTRIBUTING CO                   DE       2.02,9.01            04/19/12

AMEREN CORP                             MO       8.01                 04/19/12

AMERICAN AIRLINES INC                   DE       2.02,9.01            04/19/12

AMERICAN AIRLINES INC                   DE       7.01                 04/19/12

American Electric Technologies Inc      FL       1.01,3.02,8.01,9.01  04/13/12

AMERICAN RIVER BANKSHARES               CA       2.02,9.01            04/19/12

AMERISERV FINANCIAL INC /PA/            PA       8.01,9.01            04/19/12

AMP Holding Inc.                        NV       1.01,5.02,8.01,9.01  04/13/12

AMR CORP                                DE       2.02,9.01            04/19/12

AMR CORP                                DE       2.02,9.01            04/19/12

AMR CORP                                DE       7.01                 04/19/12

ANWORTH MORTGAGE ASSET CORP             MD       8.01,9.01            04/19/12

APOLLO GROUP INC                        AZ       1.01,8.01            04/18/12

ARBITRON INC                            DE       2.02,9.01            04/19/12

Arlington Asset Investment Corp.        VA       2.02,9.01            04/18/12

ASSOCIATED BANC-CORP                    WI       2.02,9.01            04/19/12

ASTORIA FINANCIAL CORP                  DE       2.02,8.01,9.01       04/18/12

Athens Bancshares Corp                           8.01,9.01            04/18/12

AUTOZONE INC                            NV       1.01,9.01            04/17/12

AVISTAR COMMUNICATIONS CORP             DE       2.02,9.01            04/19/12

AZTEC OIL & GAS, INC.                   NV       7.01                 08/31/11

B&G Foods, Inc.                         DE       2.02,7.01,9.01       04/19/12

BANK OF AMERICA CORP /DE/               DE       2.02,7.01,9.01       04/19/12

BANK OF KENTUCKY FINANCIAL CORP         KY       2.02,9.01            04/19/12

BANK OF THE OZARKS INC                  AR       1.01,5.02,5.07,7.01, 04/17/12
BASIC ENERGY SERVICES INC                        2.02,9.01            04/18/12

BASSETT FURNITURE INDUSTRIES INC        VA       5.07,8.01,9.01       04/18/12

BAXTER INTERNATIONAL INC                DE       2.02,9.01            04/19/12

BB&T CORP                               NC       2.02,9.01            04/19/12

BGC Partners, Inc.                      DE       2.01,8.01,9.01       04/13/12

BIGLARI HOLDINGS INC.                   IN       2.02,7.01            04/19/12

BioScrip, Inc.                          DE       1.01,5.02            04/17/12

BIOVEST INTERNATIONAL INC               DE       7.01,9.01            04/18/12

Blackstone Group L.P.                   DE       2.02,9.01            04/19/12

BOOKS A MILLION INC                     DE       4.01,9.01            04/13/12

BOSTON SCIENTIFIC CORP                  DE       2.02,9.01            04/19/12

BOSTON SCIENTIFIC CORP                  DE       1.01,1.02,2.03,9.01  04/18/12

BROOKLINE BANCORP INC                   DE       2.02                 04/18/12

Brownie's Marine Group, Inc             NV       5.02                 04/18/12

BRUNSWICK CORP                          DE       7.01                 04/19/12

Builders FirstSource, Inc.              DE       2.02,9.01            04/19/12

C & F FINANCIAL CORP                    VA       5.07                 04/17/12

CAN CAL RESOURCES LTD                   NV       3.02,5.02,9.01       04/17/12

CAPITAL ONE FINANCIAL CORP              DE       2.02,7.01,8.01,9.01  04/19/12

CapLease, Inc.                                   1.01,3.03,5.03,9.01  04/16/12

Carbonite Inc                           DE       5.02                 04/19/12

CATALYST HEALTH SOLUTIONS, INC.         DE       1.01,9.01            04/17/12

CBRE GROUP, INC.                        DE       7.01,9.01            04/19/12

CENTRAL FEDERAL CORP                    DE       8.01,9.01            04/19/12

CEPHEID                                 CA       2.02,9.01            04/19/12

CHEMED CORP                             DE       2.02,9.01            04/19/12

China Armco Metals, Inc.                NV       3.02,9.01            04/13/12

China Bull Management Inc               NV       1.01                 04/15/12    AMEND

CHINA HGS REAL ESTATE INC.              F4       5.02                 04/13/12

CHINACAST EDUCATION CORP                DE       8.01                 04/19/12

CHIPOTLE MEXICAN GRILL INC                       2.02,9.01            04/19/12

CHOICE BANCORP, INC.                    WI       1.01,9.01            04/13/12

CHUBB CORP                              NJ       2.02,9.01            04/19/12

CINCINNATI BELL INC                     OH       8.01                 04/16/12

Cinedigm Digital Cinema Corp.           DE       8.01,9.01            04/19/12

Circle Entertainment, Inc.              DE       5.02                 04/16/12

CITIZENS & NORTHERN CORP                PA       5.07                 04/19/12

CITIZENS FIRST CORP                     KY       2.02,7.01,9.01       04/19/12

CITIZENS REPUBLIC BANCORP, INC.         MI       1.02,9.01            04/17/12

CITY NATIONAL CORP                      DE       2.02,9.01            04/19/12

CLIFFS NATURAL RESOURCES INC.           OH       8.01                 04/19/12

CNA FINANCIAL CORP                      DE       1.01,9.01            04/19/12

CNL Healthcare Trust, Inc.              MD       1.01,5.02,9.01       04/13/12

CNL LIFESTYLE PROPERTIES INC            MD       1.01,5.02,9.01       04/13/12

COBIZ FINANCIAL INC                     CO       2.02,9.01            04/19/12

CONSOLIDATED TOMOKA LAND CO             FL       2.02,9.01            02/17/12

CONSUMER PORTFOLIO SERVICES INC         CA       2.02,9.01            04/18/12

CONTINENTAL RESOURCES INC               OK       2.02,9.01            04/18/12

CORNING NATURAL GAS CORP                NY       5.02,5.07,9.01       04/17/12

COURIER Corp                            MA       2.02,8.01,9.01       04/19/12

CRAY INC                                WA       5.03,8.01,9.01       04/17/12

CRIMSON EXPLORATION INC.                         5.02,9.01            04/18/12

CUBIST PHARMACEUTICALS INC              DE       8.01,9.01            04/17/12

CVR ENERGY INC                          DE       2.02,8.01,9.01       04/18/12

CYPRESS SEMICONDUCTOR CORP /DE/         DE       2.02,9.01            04/19/12

CYPRESS SEMICONDUCTOR CORP /DE/         DE       5.02,9.01            04/19/12

CYTEC INDUSTRIES INC/DE/                DE       8.01,9.01            04/19/12

CYTEC INDUSTRIES INC/DE/                DE       2.02,9.01            04/19/12

CYTOKINETICS INC                                 8.01,9.01            04/19/12

DANAHER CORP /DE/                       DE       2.02,9.01            04/18/12

DEFENSE INDUSTRIES INTERNATIONAL INC             9.01                 04/02/12    AMEND

DEX ONE Corp                            DE       8.01,9.01            04/19/12

Deyu Agriculture Corp.                  NV       1.01,2.01,9.01       02/02/12    AMEND

DGSE COMPANIES INC                      NV       3.01,9.01            04/17/12

DIAMOND OFFSHORE DRILLING INC           DE       2.02,9.01            04/19/12

Discover Financial Services             DE       5.07                 04/18/12

DM Products, Inc.                       NV       8.01,9.01            04/19/12

DOLLAR GENERAL CORP                     TN       5.02,9.01            04/16/12

DREW INDUSTRIES INC                     DE       8.01,9.01            04/18/12

DUPONT E I DE NEMOURS & CO              DE       2.02,9.01            04/19/12

E TRADE FINANCIAL Corp                  DE       2.02,9.01            04/19/12

EASTGROUP PROPERTIES INC                MD       2.02,9.01            04/19/12

ECOTALITY, INC.                         NV       8.01,9.01            04/16/12

EDGAR ONLINE INC                        DE       8.01                 04/18/12

EL PASO CORP/DE                         DE       5.04,8.01,9.01       04/19/12

ELECTRONICS FOR IMAGING INC             DE       2.02,9.01            04/19/12

EMC CORP                                MA       2.02,9.01            04/19/12

ENDOCYTE INC                            DE       1.01,9.01            04/13/12

ENTEGRIS INC                            DE       2.02,9.01            04/19/12

ENTERGY CORP /DE/                       DE       2.02,9.01            04/19/12

ENTERPRISE BANCORP INC /MA/             MA       2.02,9.01            04/19/12

EQT Corp                                PA       5.07                 04/18/12

EQUITY RESIDENTIAL                      MD       1.01,7.01,9.01       04/18/12

ERE MANAGEMENT INC                      NV       3.03,5.03,9.01       04/17/12

ESB FINANCIAL CORP                      PA       5.02,5.07,9.01       04/18/12

Eureka Financial Corp.                           5.02,5.07            04/16/12

EVOLVING SYSTEMS INC                    DE       4.01,9.01            04/13/12

EXPLORE ANYWHERE HOLDING CORP           NV       5.02                 04/14/12

EXTREME NETWORKS INC                    DE       2.02,5.02,9.01       04/19/12

EZCORP INC                              DE       2.02,7.01,9.01       04/18/12

FAIRCHILD SEMICONDUCTOR INTERNATIONAL   DE       2.02                 04/19/12

FARMERS CAPITAL BANK CORP               KY       2.02,9.01            04/18/12

FBL FINANCIAL GROUP INC                 IA       7.01                 04/19/12

Federal Home Loan Bank of Atlanta       X1       2.03                 04/19/12

Federal Home Loan Bank of Boston        X1       2.03                 04/16/12

Federal Home Loan Bank of Chicago       X1       2.03                 04/16/12

Federal Home Loan Bank of Cincinnati    X1       2.03,9.01            04/17/12

Federal Home Loan Bank of Dallas                 2.03,9.01            04/13/12

Federal Home Loan Bank of Des Moines    X1       2.03,9.01            04/17/12

Federal Home Loan Bank of Indianapoli   X1       2.03,9.01            04/19/12

Federal Home Loan Bank of New York      X1       2.03,9.01            04/16/12

Federal Home Loan Bank of Pittsburgh    PA       2.02,7.01            04/19/12

Federal Home Loan Bank of Pittsburgh    PA       2.03,9.01            04/16/12

Federal Home Loan Bank of San Francis   X1       2.03                 04/17/12

Federal Home Loan Bank of Topeka                 7.01,9.01            04/19/12

Federal Home Loan Bank of Topeka                 2.03,9.01            04/16/12

Fidelity National Financial, Inc.                1.01,9.01            04/16/12

FIFTH THIRD BANCORP                     OH       2.02,7.01,9.01       04/19/12

FINISH LINE INC /IN/                    IN       8.01,9.01            04/18/12

FIRST HORIZON NATIONAL CORP             TN       2.02,9.01            04/19/12

FIRST HORIZON NATIONAL CORP             TN       7.01,9.01            04/19/12

FIRST M&F CORP/MS                       MS       2.02,7.01,9.01       04/19/12

FIRST NIAGARA FINANCIAL GROUP INC       DE       2.02,9.01            04/19/12

FIRST NIAGARA FINANCIAL GROUP INC       DE       7.01,9.01            04/19/12

FIRST OF LONG ISLAND CORP               NY       5.07                 04/17/12

FIRST PACTRUST BANCORP INC              MD       8.01                 04/18/12

Firsthand Technology Value Fund, Inc.            8.01,9.01            04/19/12

FORWARD AIR CORP                        TN       2.02,9.01            03/31/12

FREEPORT MCMORAN COPPER & GOLD INC      DE       2.02,9.01            04/19/12

Freescale Semiconductor Holdings I, L   D0       2.02,7.01,9.01       04/19/12

FULLER H B CO                           MN       2.05,9.01            04/18/12

GAIN Capital Holdings, Inc.             DE       5.02                 04/13/12

Galena Biopharma, Inc.                           1.01                 04/18/12

GE Capital Credit Card Master Note Tr   DE       1.01,9.01            04/18/12

GENTEX CORP                             MI       2.02,9.01            04/19/12

GENUINE PARTS CO                        GA       2.02,9.01            04/19/12

GLACIER BANCORP INC                     DE       2.02,9.01            04/19/12

GLADSTONE CAPITAL CORP                  MD       3.01,9.01            04/19/12

GLOBALSCAPE INC                         DE       7.01                 04/19/12    AMEND

GREAT AMERICAN ENERGY, INC.                      5.02                 04/19/12

Great Wolf Resorts, Inc.                DE       8.01,9.01            04/19/12

Green Ballast, Inc.                     DE       1.01,2.03,9.01       04/16/12

Green PolkaDot Box Inc                  NV       1.01,2.03,3.02,9.01  04/09/12

GREENHILL & CO INC                      DE       2.02,5.02,5.07,9.01  04/18/12

GROEN BROTHERS AVIATION INC /UT/        UT       1.01,3.03,5.03,9.01  04/18/12

GRYPHON GOLD CORP                       NV       7.01,9.01            04/19/12

GSE Holding, Inc.                       DE       1.01,1.02,2.03,9.01  04/18/12

GUIDED THERAPEUTICS INC                 DE       5.02,9.01            04/19/12

HALLIBURTON CO                          DE       2.02                 04/18/12

Hanesbrands Inc.                        MD       2.02,7.01,9.01       04/19/12

HANMI FINANCIAL CORP                    DE       2.02,9.01            04/19/12

HARLEYSVILLE SAVINGS FINANCIAL CORP              2.02,8.01,9.01       04/18/12

HARTFORD FINANCIAL SERVICES GROUP INC   DE       1.02                 04/19/12

HEARTLAND EXPRESS INC                   NV       2.02,9.01            04/17/12

HERCULES OFFSHORE, INC.                 DE       7.01,9.01            04/19/12

Heritage-Crystal Clean, Inc.            DE       2.02                 04/16/12

HILLS BANCORPORATION                    IA       5.07                 04/16/12

Hines Global REIT, Inc.                 MD       1.01,2.03,9.01       04/13/12

HNI CORP                                IA       2.02,9.01            04/18/12

HOME BANCSHARES INC                              2.02,7.01,9.01       04/19/12

HORIZON BANCORP /IN/                    IN       2.02,9.01            04/18/12

HOUSTON AMERICAN ENERGY CORP            DE       8.01,9.01            04/19/12

HUBBELL INC                             CT       2.02,9.01            04/19/12

HUMAN GENOME SCIENCES INC               DE       8.01,9.01            04/19/12

IBERIABANK CORP                         LA       2.02,9.01            04/18/12

IBERIABANK CORP                         LA       7.01                 04/19/12

Ideal Financial Solutions Inc                    4.01                 04/17/12

Ideal Financial Solutions Inc                    4.01,4.02            04/05/12    AMEND

INDEPENDENT BANK CORP                   MA       8.01                 04/13/12    AMEND

INERGY L P                              DE       1.01,2.03,9.01       04/13/12

INERGY MIDSTREAM, L.P.                           2.03                 04/16/12

INFINITY ENERGY RESOURCES, INC          DE       1.01,3.02,3.03,5.03, 04/13/12
INSTEEL INDUSTRIES INC                  NC       2.02,9.01            04/19/12

INTEGRAMED AMERICA INC                  DE       1.02                 04/19/12

Intellicell Biosciences, Inc.           NV       1.01,9.01            04/16/12

Interactive Brokers Group, Inc.         DE       2.02,8.01            04/19/12

Islet Sciences, Inc                     NV       1.01,3.02,9.01       04/13/12

IXIA                                    CA       2.02,9.01            04/19/12

JOHNSON & JOHNSON                       NJ       8.01                 04/19/12

JOHNSON & JOHNSON                       NJ       5.03,9.01            04/17/12

JONES LANG LASALLE INC                  MD       5.02,9.01            04/19/12

KANSAS CITY SOUTHERN                    DE       7.01                 04/19/12

Kansas City Southern de Mexico, S.A.             7.01                 04/19/12

Kentucky First Federal Bancorp                   8.01                 04/16/12

KEYCORP /NEW/                           OH       2.02,7.01,9.01       04/19/12

KIMCO REALTY CORP                       MD       8.01,9.01            04/19/12

LABORATORY CORP OF AMERICA HOLDINGS     DE       2.02                 04/19/12

LABORATORY CORP OF AMERICA HOLDINGS     DE       7.01                 04/19/12

LaSalle Hotel Properties                MD       2.02,9.01            04/18/12

LaSalle Hotel Properties                MD       7.01,8.01,9.01       04/19/12

LATTICE SEMICONDUCTOR CORP              DE       2.02,9.01            04/19/12

LAYNE CHRISTENSEN CO                    DE       2.02,9.01            04/19/12

LD HOLDINGS, INC.                       NV       8.01                 04/19/12

LEE ENTERPRISES, INC                    DE       2.02,9.01            04/17/12

LEVI STRAUSS & CO                       DE       5.02,8.01,9.01       04/18/12

LIFE TIME FITNESS, INC.                 MN       2.02,5.02,9.01       04/16/12

LIGHTING SCIENCE GROUP CORP             DE       1.01,3.02,9.01       04/13/12

LILLY ELI & CO                          IN       5.07                 04/16/12

Limelight Networks, Inc.                DE       5.02                 04/13/12

LUCAS ENERGY, INC.                      NV       8.01,9.01            04/18/12

M&F BANCORP INC /NC/                    NC       4.01,9.01            04/18/12

MACK CALI REALTY CORP                   MD       1.01,9.01            04/19/12

MAGELLAN PETROLEUM CORP /DE/            DE       8.01,9.01            04/19/12

MERCHANTS BANCSHARES INC                DE       8.01,9.01            04/19/12

METLIFE INC                             DE       2.02,7.01,9.01       04/18/12

MF Global Holdings Ltd.                 DE       7.01,9.01            04/16/12

MICROFINANCIAL INC                      MA       2.02,9.01            04/18/12

MICROSOFT CORP                          WA       2.02,9.01            04/19/12

Monarch Financial Holdings, Inc.        VA       2.02,9.01            04/19/12

MORGAN STANLEY                          DE       2.02,9.01            04/19/12

MOUNTAIN NATIONAL BANCSHARES INC        TN       5.02,8.01            04/13/12

MRI INTERVENTIONS, INC.                 DE       5.02                 04/16/12

MYERS INDUSTRIES INC                    OH       2.02,7.01,9.01       04/19/12

N-VIRO INTERNATIONAL CORP               DE       1.01,3.02,5.02       04/13/12

NATIONAL BANCSHARES CORP /OH/           OH       2.02,9.01            03/31/12

National CineMedia, Inc.                DE       8.01,9.01            04/18/12

NCR CORP                                MD       2.02,9.01            04/19/12

NCR CORP                                MD       5.02,9.01            04/19/12

NET 1 UEPS TECHNOLOGIES INC                      1.01,3.02,9.01       04/18/12

NeurogesX Inc                           CA       8.01,9.01            04/17/12

NEW YORK TIMES CO                       NY       2.02,9.01            04/19/12

NEWS CORP                                        8.01,9.01            04/19/12

NORTHERN TRUST CORP                     DE       5.02,5.07,9.01       04/17/12

Northwest Bancshares, Inc.              MD       5.07,8.01,9.01       04/18/12

NOVASTAR FINANCIAL INC                  MD       8.01,9.01            04/18/12

NUCOR CORP                              DE       2.02,9.01            04/19/12

NVR INC                                 VA       2.02,9.01            04/19/12

Oilsands Quest Inc                               5.02,9.01            04/18/12

OLD SECOND BANCORP INC                  DE       8.01                 04/19/12

OLIN CORP                               VA       7.01,9.01            04/19/12

OMNICOM GROUP INC                       NY       8.01,9.01            04/19/12

ORIGINOIL INC                           NV       5.02,8.01,9.01       04/14/12

Otter Tail Corp                         MN       5.02,5.07,9.01       04/16/12

OVERSTOCK.COM, INC                      DE       2.02,9.01            04/19/12

Owens Corning                           DE       5.07                 04/19/12

OYO GEOSPACE CORP                       DE       8.01,9.01            04/19/12

Oz Saferooms Technologies, Inc.         DE       4.01                 04/11/12    AMEND

PARLUX FRAGRANCES INC                   DE       1.02,2.01,3.01,3.03, 04/17/12
PASSUR Aerospace, Inc.                  NY       5.02                 04/15/12

PEABODY ENERGY CORP                     DE       2.02,9.01            04/19/12

PENNS WOODS BANCORP INC                 PA       2.02,9.01            04/18/12

PENNSYLVANIA REAL ESTATE INVESTMENT T   PA       1.01,9.01            04/13/12

PEOPLES BANCORP INC/MD                  MD       8.01                 04/18/12

PEOPLES BANCORPORATION INC /SC/         SC       8.01                 04/17/12

PEP BOYS MANNY MOE & JACK               PA       8.01,9.01            04/19/12

Perfumania Holdings, Inc.               FL       1.01,2.01,2.03,3.02, 04/17/12
PHARMACYCLICS INC                       DE       5.02                 04/13/12

Philip Morris International Inc.        VA       2.02,9.01            04/19/12

PINGIFY INTERNATIONAL INC.              NV       5.02                 04/17/12

PINNACLE AIRLINES CORP                  DE       5.02,9.01            04/18/12

PIXELWORKS, INC                         OR       2.02,9.01            04/19/12

PLUMAS BANCORP                          CA       5.02,9.01            04/18/12

POOL CORP                               DE       2.02,7.01,9.01       04/19/12

POPE RESOURCES LTD PARTNERSHIP          DE       8.01,9.01            04/19/12

POWER-SAVE ENERGY CO                    UT       5.02                 04/18/12

PPG INDUSTRIES INC                      PA       2.02,9.01            04/19/12

PPL Corp                                         1.01,2.03,9.01       04/18/12

PPL Corp                                         8.01                 04/19/12

PREMIERE GLOBAL SERVICES, INC.          GA       2.02,9.01            04/19/12

PRESSTEK INC /DE/                       DE       3.01                 04/19/12

PRICE T ROWE GROUP INC                  MD       5.07                 04/17/12

PRIME GLOBAL CAPITAL GROUP Inc          NV       1.01,9.01            04/18/12

PRIMUS TELECOMMUNICATIONS GROUP INC     DE       1.01,8.01,9.01       04/15/12

PROLOR Biotech, Inc.                    NV       7.01,9.01            04/19/12

PRUDENTIAL BANCORP INC OF PENNSYLVANI            1.01,5.02,7.01,9.01  04/18/12

PUBLIC SERVICE ENTERPRISE GROUP INC     NJ       5.07                 04/17/12

PUBLIX SUPER MARKETS INC                FL       5.07                 04/17/12

PUMA BIOTECHNOLOGY, INC.                DE       8.01,9.01            04/16/12

QUICKSILVER RESOURCES INC               DE       5.02,9.01            04/13/12

RAMBUS INC                              DE       2.02,9.01            04/19/12

RAMTRON INTERNATIONAL CORP              DE       2.02,9.01            04/19/12

Raptor Pharmaceutical Corp              DE       1.01                 04/16/12

Raystream Inc.                          NV       5.02                 04/11/12

RBS GLOBAL INC                          DE       1.01,2.03,8.01,9.01  04/19/12

RED TRAIL ENERGY, LLC                            1.01                 04/16/12

REDDY ICE HOLDINGS INC                  DE       1.01,9.01            04/16/12

REPUBLIC BANCORP INC /KY/               KY       2.02,9.01            04/19/12

REPUBLIC BANCORP INC /KY/               KY       7.01,9.01            04/19/12

RESPECT YOUR UNIVERSE, INC.             NV       5.02,5.03,9.01       04/16/12

Rexnord Corp                            DE       1.01,2.03,8.01,9.01  04/19/12

RING ENERGY, INC.                       NV       4.01,9.01            04/15/12

Riverbed Technology, Inc.               DE       2.02,9.01            04/19/12

RLI CORP                                IL       2.02,9.01            04/18/12

Roadrunner Transportation Systems, In   DE       8.01,9.01            04/19/12

ROCKWELL COLLINS INC                    DE       2.02,7.01,9.01       04/19/12

ROCKY BRANDS, INC.                      OH       2.02,9.01            04/19/12

ROMA FINANCIAL CORP                     X1       5.07                 04/18/12

RXi Pharmaceuticals Corp                DE       1.01                 04/18/12

SANDISK CORP                            DE       2.02,9.01            04/19/12

SEQUENOM INC                            DE       8.01                 04/19/12

SHERWIN WILLIAMS CO                     OH       2.02,9.01            04/19/12

SIMMONS FIRST NATIONAL CORP             AR       2.02,9.01            04/19/12

Skinny Nutritional Corp.                NV       3.02                 04/17/12

SMF ENERGY CORP                         DE       3.01                 04/16/12

SNAP-ON Inc                             DE       2.02,9.01            04/19/12

SOMERSET HILLS BANCORP                  NJ       2.02,9.01            04/19/12

SOMERSET HILLS BANCORP                  NJ       7.01,9.01            04/19/12

SONOCO PRODUCTS CO                      SC       2.02,9.01            04/19/12

SOUTHWEST AIRLINES CO                   TX       2.02,9.01            03/31/12

STAR GAS PARTNERS LP                    DE       2.02,7.01            04/19/12

STEVIA NUTRA CORP.                      NV       8.01                 04/17/12

STEWARDSHIP FINANCIAL CORP              NJ       8.01,9.01            04/18/12

STRATEGIC HOTELS & RESORTS, INC                  5.03,8.01,9.01       04/17/12

SUBURBAN PROPANE PARTNERS LP            DE       7.01,8.01,9.01       04/19/12

SUBURBAN PROPANE PARTNERS LP            DE       7.01,8.01,9.01       04/19/12

SUPERIOR UNIFORM GROUP INC              FL       2.02,9.01            04/19/12

SUPREME INDUSTRIES INC                  DE       2.02,7.01,9.01       04/16/12

SWIFT TRANSPORTATION Co                          1.01,2.02,8.01,9.01  04/17/12

Symmetry Medical Inc.                   DE       8.01,9.01            04/19/12

SYNTEL INC                              MI       2.02,9.01            04/19/12

TAYLOR CAPITAL GROUP INC                DE       2.02,9.01            04/19/12

TAYLOR CAPITAL GROUP INC                DE       7.01,9.01            04/19/12

TCF FINANCIAL CORP                      DE       2.02,9.01            04/19/12

TearLab Corp                            DE       8.01,9.01            04/16/12

TearLab Corp                            DE       5.02                 04/17/12

TELLABS INC                             DE       5.02                 04/16/12    AMEND

TEMPUR PEDIC INTERNATIONAL INC          DE       2.02,7.01,9.01       04/19/12

Terra Tech Corp.                        NV       1.01,2.01,3.02,3.03, 02/09/12    AMEND
THESTREET, INC.                         DE       5.07                 05/26/11    AMEND

THOR INDUSTRIES INC                     DE       1.01,9.01            04/13/12

TII NETWORK TECHNOLOGIES, INC.          DE       9.01                 04/13/12    AMEND

TOR MINERALS INTERNATIONAL INC          DE       8.01,9.01            04/19/12

TORON INC.                              NV       2.01                 04/16/12    AMEND

TRANSACT TECHNOLOGIES INC               DE       5.02,9.01            04/19/12

TRAVELERS COMPANIES, INC.               MN       2.02,9.01            04/19/12

ULTRATECH INC                           DE       2.02,9.01            04/19/12

UMPQUA HOLDINGS CORP                    OR       2.02,9.01            04/19/12

UMPQUA HOLDINGS CORP                    OR       5.07                 04/19/12

UNION PACIFIC CORP                      UT       2.02,9.01            04/19/12

United American Petroleum Corp.         NV       7.01,8.01,9.01       04/13/12

United Continental Holdings, Inc.       DE       2.02,9.01            04/19/12

United Maritime Group, LLC              FL       1.01,8.01,9.01       04/18/12

UNITEDHEALTH GROUP INC                  MN       2.02,9.01            04/19/12

UNIVERSAL FOREST PRODUCTS INC           MI       5.07                 04/18/12

US BANCORP \DE\                         DE       5.02,5.07            04/17/12

USEC INC                                DE       5.02,9.01            04/13/12

VALCOM, INC                             DE       7.01,9.01            04/18/12

VERIZON COMMUNICATIONS INC              DE       2.02,9.01            04/19/12

Vestin Realty Mortgage II, Inc          MD       8.01                 04/19/12

VirnetX Holding Corp                    DE       5.02                 04/13/12

VOC Energy Trust                                 2.02,9.01            04/19/12

W R GRACE & CO                          DE       2.02,8.01            04/19/12    AMEND

W R GRACE & CO                          DE       7.01,9.01            04/19/12    AMEND

WERNER ENTERPRISES INC                  NE       2.02,9.01            04/18/12

WESCO INTERNATIONAL INC                          2.02,7.01,9.01       04/19/12

Western Union CO                        DE       8.01                 04/19/12

WESTWOOD HOLDINGS GROUP INC             DE       2.02,7.01,9.01       04/19/12

WHIRLPOOL CORP /DE/                     DE       8.01,9.01            04/17/12

WINMARK CORP                            MN       2.02,7.01,9.01       04/18/12

WINTRUST FINANCIAL CORP                 IL       2.02,9.01            04/19/12

WORDLOGIC CORP                          NV       5.02,7.01,9.01       04/18/12

YUM BRANDS INC                          NC       2.02,9.01            04/18/12

Zeltiq Aesthetics Inc                   DE       5.02,8.01,9.01       04/18/12

Zeltiq Aesthetics Inc                   DE       2.02,9.01            04/19/12

ZHONE TECHNOLOGIES INC                  DE       2.02,9.01            04/19/12

ZIONS BANCORPORATION /UT/               UT       8.01                 04/19/12

Ziyang Ceramics Corp                    FL       2.02,7.01,9.01       04/19/12



Modified: 04/20/2012