SEC Charges Eight Mutual Fund Directors for Failure to Properly Oversee Asset Valuation
The Securities and Exchange Commission today announced charges against eight former members of the boards of directors overseeing five Memphis, Tenn.-based mutual funds for violating their asset pricing responsibilities under the federal securities laws.
The funds, which were invested in some securities backed by subprime mortgages, fraudulently overstated the value of their securities as the housing market was on the brink of financial crisis in 2007. The SEC and other regulators previously charged the funds’ managers with fraud, and the firms later agreed to pay $200 million to settle the charges.
Under the securities laws, fund directors are responsible for determining the fair value of fund securities for which market quotations are not readily available. According to the SEC’s order instituting administrative proceedings against the eight directors, they delegated their fair valuation responsibility to a valuation committee without providing meaningful substantive guidance on how fair valuation determinations should be made. The fund directors then made no meaningful effort to learn how fair values were being determined. They received only limited information about the factors involved with the funds’ fair value determinations, and obtained almost no information explaining why particular fair values were assigned to portfolio securities.
“Investors rely on board members to establish an accurate process for valuing their mutual fund investments. Otherwise, they are left in the dark about the value of their investments and handicapped in their ability to make informed decisions,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Had the board not abdicated its responsibilities, investors may have stood a better chance of preserving their hard-earned nest assets.”
The SEC Enforcement Division’s Asset Management Unit continues to prioritize asset valuation investigations, with recent enforcement actions including charges against three top executives at New York-based KCAP Financial and two executives at former $1 billion hedge fund advisory firm Yorkville Advisors LLC.
The eight fund directors named in today’s SEC enforcement action are:
According to the SEC’s order, the eight directors’ failure to fulfill their fair value-related obligations was particularly inexcusable given that fair-valued securities made up the majority of the funds’ net asset values — in most cases more than 60 percent. The mutual funds involved were the RMK High Income Fund, RMK Multi-Sector High Income Fund, RMK Strategic Income Fund, RMK Advantage Income Fund, and Morgan Keegan Select Fund.
The SEC Enforcement Division alleges that the directors caused the funds to violate the federal securities laws by failing to adopt and implement meaningful fair valuation methodologies and procedures and failing to maintain internal control over financial reporting. For example, the funds’ valuation procedures did not include any mechanism for identifying and reviewing fair-valued securities whose prices remained unchanged for weeks, months, and even entire quarters.
“While it is understood that fund directors typically assign others the daily task of calculating the fair value of each security in a fund’s portfolio, at a minimum they must determine the method, understand the process, and continuously evaluate the appropriateness of the method used,” said William Hicks, Associate Regional Director of the SEC’s Atlanta Regional Office.
According to the SEC’s order, the funds’ valuation procedures required that the directors be given explanatory notes for the fair values assigned to securities. However, no such notes were ever provided to the directors, and they never followed up to request such notes or any other specific information about the basis for the assigned fair values. In fact, Morgan Keegan’s Fund Accounting unit, which assigned values to the securities, did not utilize reasonable procedures and often allowed the portfolio manager to arbitrarily set values. As a result, the net asset values of the funds were materially misstated in 2007 from at least March 31 to August 9. Consequently, the prices at which one open-end fund sold, redeemed, and repurchased its shares were inaccurate. Furthermore, other reports and at least one registration statement filed by the funds with the SEC contained net asset values that were materially misstated.
The SEC’s order alleges that the fund directors caused the funds’ violations of Rules 22c-1, 30a-3(a) and 38a-1 under the Investment Company Act of 1940.
Commission Revokes Registration of Securities of CST Entertainment, Inc. (n/k/a Legacy Holding, Inc.) for Failure to Make Required Periodic Filings
On December 10, 2012, the Commission revoked the registration of each class of registered securities of CST Entertainment, Inc. (n/k/a Legacy Holding, Inc.) (Legacy Holding) 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, Legacy Holding 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 CST Entertainment, Inc. (n/k/a Legacy Holding, Inc.) finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of Legacy Holding’s securities pursuant to Section 12(j) of the Exchange Act. This Order settled the proceedings brought against Legacy Holding in In the Matter of China Voice Holding Corp., et al., Administrative Proceeding File No. 3-15076.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of China Voice Holding Corp., et al., Administrative Proceeding File No. 3-15076, Exchange Act Release No. 68091, Oct. 24, 2012. (Rel. 34-68388; File No. 3-15076)
Court Enters Final Judgments By Consent Against SEC Defendants Eric Todd Seiden and Kamal Abdallah
The Securities and Exchange Commission announced that on March 30, 2012, the Honorable Kiyo A. Matsumoto, United States District Court Judge for the Eastern District of New York, entered a final judgment by consent against Defendant Kamal Abdallah. The final judgment permanently enjoins Abdallah from future violations of Sections 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder, prohibits Abdallah from acting as an officer or director of a public company, and bars him from participating in an offering of penny stock. The final judgment also orders Abdallah liable for disgorgement and prejudgment interest totaling $214,963.02, deemed satisfied by the restitution order entered against Abdallah in the parallel criminal action, United States v. Abdallah, 09-cr-717 (JFB) (E.D.N.Y.).
On April 16, 2012, Judge Matsumoto modified a June 30, 2011 judgment by consent against Seiden, enjoining him from future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and barring Seiden from participating in an offering of penny stock. The judgment also provided that Seiden would pay disgorgement, prejudgment interest, and a civil penalty as determined by the Court upon motion of the Commission. On April 16, 2012, in view of the restitution order and prison sentence imposed on Seiden in the parallel criminal case, United States v. Seiden, 09-cr-582 (ILG) (E.D.N.Y.), the Commission withdrew its claims against Seiden for disgorgement and a penalty.
The Commission’s amended complaint, filed in the Eastern District of New York, alleges that Seiden, a former securities professional, and Abdallah, the former CEO of Universal Property Development & Acquisition Corp. (“UPDV”), conspired to create artificial demand for UPDV stock and inflate its stock price. The Amended Complaint charges Seiden with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Abdallah with violating Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
For further information, please see Litigation Release Number 21179 (August 18, 2009) [SEC Brings Emergency Action to Halt Ongoing Fraud Against Broker-Dealers]
The Commission acknowledges the assistance of the United States Attorney’s Office for the Eastern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority. [SEC v. Eric Todd Seiden and Kamal Abdallah, Civil Action No. CV 09-3116 (KAM) (EDNY)] (LR-22564)
ING Investments, LLC, et al.
A notice has been issued giving interested persons until December 31, 2012 to request a hearing on an application filed by for an order under Section 17(d) of the Investment Company Act of 1940 (Act) and Rule 17d-1 under the Act to permit certain joint transactions. The order would permit certain registered open-end investment companies in the same group of investment companies to enter into a special servicing agreement. (Rel. IC-30295 — December 6)
Hatteras Variable Trust, et al.
A notice has been issued giving interested persons until December 31, 2012 to request a hearing on an application filed by Hatteras Variable Trust (“Trust”) and Hatteras Alternative Mutual Funds (collectively, “Applicants”). Applicants request an order pursuant to Section 6(c) of the Act granting exemptions from the provisions of Sections 9(a), 13(a), 15(a), and 15(b) of the Act and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder in cases where a life insurance company separate account supporting variable life insurance contracts (“VLI Accounts”) holds shares of an existing portfolio of the Trust (an “Existing Fund”) or a “Future Fund,” as defined below (any Existing Fund or Future Fund is referred to herein as a “Fund,” and collectively, the “Funds”), and one or more of the following other types of investors also hold shares of the Funds: (i) any life insurance company separate account supporting variable annuity contracts (“VA Accounts”); (ii) any VLI Account; (iii) trustees of qualified group pension or group retirement plans outside the separate account context; (iv) the investment adviser or any subadviser to a Fund or affiliated persons of the adviser or subadviser (representing seed money investments in the Fund); and (v) any general account of an insurance company depositor of VA Accounts and/or VLI Accounts and affiliated persons of such insurance company. As used herein, a Future Fund is any investment company (or investment portfolio or series thereof), other than an Existing Fund, designed to be sold to VA Accounts and/or VLI Accounts and to which Applicants or their affiliates may in the future serve as investment advisers, investment subadvisers, investment managers, administrators, principal underwriters or sponsors. (Rel. IC-30296 — December 6)
Lord, Abbett & Co. LLC, et al.
A notice has been issued giving interested persons until December 27, 2012 to request a hearing on an application filed by Lord, Abbett & Co. LLC, et al., for an order under Section 6(c) of the Investment Company Act of 1940 (Act) for an exemption from Rule 12d1-2(a) under the Act. The order would permit funds of funds relying on Rule 12d1-2 under the Act to invest in certain financial instruments. (Rel. IC-30297 — December 6)
PNC Capital Advisors, LLC, et al.
A notice has been issued giving interested persons until December 27, 2012 to request a hearing on an application filed by PNC Capital Advisors, LLC, et al., for an order under Section 6(c) of the Investment Company Act of 1940 (Act) for an exemption from Rule 12d1-2(a) under the Act. The order would permit funds of funds relying on Rule 12d1-2 under the Act to invest in certain financial instruments. (Rel. IC-30298 — December 6)
T. Rowe Price Associates, Inc., et al.
A notice has been issued giving interested persons until December 31, 2012, to request a hearing on an application filed by T. Rowe Price Associates, Inc., et al., for an order to permit: (a) actively managed series of certain open-end management investment companies to issue shares (Shares) redeemable in large aggregations only (Creation Units); (b) secondary market transactions in Shares to occur at negotiated market prices; (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series in connection with the purchase and redemption of Creation Units; (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire Shares; and (f) certain series to perform creations and redemptions of Shares in-kind in a master-feeder structure. (Rel. IC-30299 — December 7)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change, (SR-Phlx-2012-135), filed by NASDAQ OMX PHLX LLC, relating to singly listed options 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 December 10. (Rel. 34-68375)
A proposed rule change, (SR-Phlx-2012-139), filed by NASDAQ OMX PHLX LLC, relating to complex orders 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 December 10. (Rel. 34-68376)
A proposed rule change filed by the New York Stock Exchange LLC modifying the manner in which New York Stock Exchange LLC calculates certain volume, liquidity and quoting thresholds applicable to billing on the Exchange in relation to a systems issue experienced by the Exchange on November 12, 2012 (SR-NYSE-2012-72) 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 December 10. (Rel. 34-68377)
A proposed rule change filed by NYSE MKT LLC amending Exchange Rule 903 to provide that the Exchange may not list Short Term Option Series Expirations that coincide with the expiration of quarterly option series on the same class (SR-NYSEMKT-2012-76) 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 December 10. (Rel. 34-68380)
A proposed rule change filed by the NYSE MKT, LLC, proposing to modify the NYSE Amex Options Fee Schedule regarding the manner in which funds from marketing charges are controlled (SR-NYSEMKT-2012-77) 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 December 10. (Rel. 34-68381)
A proposed rule change filed by NYSE Arca, Inc. to allow for the split-price priority provisions to apply to open outcry trading of cabinet trades (SR-NYSEARCA-2012-136) 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 December 10. (Rel. 34-68382)
A proposed rule change filed by NYSE MKT LLC amending exchange Rule 952NY with respect to opening trading in an options series (SR-NYSEMKT-2012-72) 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 December 10. (Rel. 34-68383)
A proposed rule change filed by the Financial Industry Regulatory Authority, Inc. (“FINRA”) (SR-FINRA-2009-060) to amend FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) has become effective pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 10. (Rel. 34-68386)
The Commission issued notice of withdrawal of a proposed rule change, as modified by Amendment Nos. 1 and 2 thereto, submitted by The NASDAQ Stock Market LLC (SR-NASDAQ-2012-043) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder to establish the Market Quality Program. Publication is expected in the Federal Register during the week of December 10. (Rel. 34-68378)
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-4 LEUCADIA NATIONAL CORP, 315 PARK AVE S, NEW YORK, NY, 10010, 2124601900 - 239,012,590 ($4,946,970,449.00) Equity, (File 333-185318 - Dec. 7) (BR. 06A) N-2 TCP Capital Corp., 2951 28TH STREET, SUITE 1000, SANTA MONICA, CA, 90405, 310-566-1000 - 0 ($69,000,000.00) Equity, (File 333-185319 - Dec. 7) (BR. 16) S-1 Yew Bio-Pharm Group, Inc., 294 POWERBILT AVENUE, LAS VEGAS, NV, 89148, 86-0451-82292379 - 0 ($4,125,000.00) Equity, (File 333-185320 - Dec. 7) (BR. 05B) S-3ASR Macy's, Inc., 7 WEST SEVENTH STREET, CINCINNATI, OH, 45202, 5135797000 - 0 ($0.00) Unallocated (Universal) Shelf, (File 333-185321 - Dec. 7) (BR. 02A) S-8 MYRIAD GENETICS INC, 320 WAKARA WAY, SALT LAKE CITY, UT, 84108, 0 ($178,873,109.00) Equity, (File 333-185325 - Dec. 7) (BR. 01B) S-3 MetLife Insurance CO of Connecticut, 1300 HALL BOULEVARD, BLOOMFIELD, CT, 06002, 860-277-0111 - 0 ($2,000,000,000.00) Other, (File 333-185333 - Dec. 7) (BR. 01B) S-4 H&E Equipment Services, Inc., 11100 MEAD ROAD, SUITE 200, BATON ROUGE, LA, 70816, (225) 298-5200 - 0 ($530,000,000.00) Non-Convertible Debt, (File 333-185334 - Dec. 7) (BR. 06A) F-10 METHANEX CORP, 1800 WATERFRONT CENTER, 200 BURRARD STREET, VANCOUVER BC CANADA, A1, 00000, 6046847500 - 0 ($250,000,000.00) Debt, (File 333-185335 - Dec. 7) (BR. 06C) S-11 Hartman Short Term Income Properties XX, Inc., 2909 HILLCROFT, SUITE 420, HOUSTON, TX, 77057, 713-467-2222 - 22,000,000 ($219,000,000.00) Equity, (File 333-185336 - Dec. 7) (BR. 08B) S-3 CNH CAPITAL RECEIVABLES LLC, 100 SOUTH SAUNDERS RD., LAKE FOREST, IL, 60045, 8477359200 - 0 ($20,454,545.00) Asset-Backed Securities, (File 333-185337 - Dec. 7) (BR. OSF) F-3 Rosetta Genomics Ltd., 10 PLAUT STREET, SCIENCE PARK, POB 4059, REHOVOT, L3, 76706, 972-73-222-0700 - 0 ($75,000,000.00) Other, (File 333-185338 - Dec. 7) (BR. 01A) S-8 Diamond Foods Inc, 1050 SOUTH DIAMOND STREET, STOCKTON, CA, 95205 7087, 209 467 6000 - 442,285 ($6,273,812.73) Equity, (File 333-185339 - Dec. 7) (BR. 04B) N-2 Eaton Vance Municipal Income Term Trust, TWO INTERNATIONAL PLACE, BOSTON, MA, 02110, 800-225-6265 - 50,000 ($1,000,000.00) Equity, (File 333-185340 - Dec. 7) (BR. 16) S-4 GRAY TELEVISION INC, 4370 PEACHTREE ROAD NE, ATLANTA, GA, 30319, 4042668333 - 0 ($300,000,000.00) Non-Convertible Debt, (File 333-185341 - Dec. 7) (BR. 11C) S-3 HOME BANCSHARES INC, 719 HARKRIDER, CONWAY, AR, 72032, 501-328-4657 - 0 ($200,000,000.00) Unallocated (Universal) Shelf, (File 333-185342 - Dec. 7) (BR. 07B) S-8 ORGANA GARDENS INTERNATIONAL, 35 SOUTH AVE, PATCHOGUE, NY, 11772, 888-488-6882 - 26,000,000 ($2,860,000.00) Equity, (File 333-185343 - Dec. 7) (BR. 04A) S-3 NEW HAMPSHIRE THRIFT BANCSHARES INC, 9 MAIN ST, THE CARRAIG HOUSE, NEWPORT, NH, 03257, 6038630886 - 0 ($6,290,000.00) Equity, (File 333-185344 - Dec. 7) (BR. 07B) S-8 WATSCO INC, 2665 S BAYSHORE DR, STE 901, COCONUT GROVE, FL, 33133, 3058580828 - 0 ($35,740,000.00) Equity, (File 333-185345 - Dec. 7) (BR. 06B) S-3 NeoStem, Inc., 420 LEXINGTON AVENUE, SUITE 450, NEW YORK, NY, 10170, 212-584-4171 - 2,291,666 ($1,518,687.06) Equity, (File 333-185346 - Dec. 7) (BR. 09B) S-3ASR WATSCO INC, 2665 S BAYSHORE DR, STE 901, COCONUT GROVE, FL, 33133, 3058580828 - 0 ($0.00) Equity, (File 333-185347 - Dec. 7) (BR. 06B) S-4 NEWDEX, INC., 1001 WINSTEAD DRIVE, CARY, NC, 27513, 919-297-1600 - 0 ($80,266,060.00) Equity, (File 333-185348 - Dec. 7) (BR. ) S-8 SYNAGEVA BIOPHARMA CORP, 128 SPRING STREET, SUITE 520, LEXINGTON, MA, 02421, (781) 357-9900 - 0 ($59,193,904.00) Equity, (File 333-185349 - Dec. 7) (BR. 01B) S-8 Great Lakes Dredge & Dock CORP, 2122 YORK ROAD, OAK BROOK, IL, 60523, 630-574-3000 - 0 ($21,850,000.00) Equity, (File 333-185350 - Dec. 7) (BR. 06B) S-8 SYNAGEVA BIOPHARMA CORP, 128 SPRING STREET, SUITE 520, LEXINGTON, MA, 02421, (781) 357-9900 - 0 ($7,189,500.00) Equity, (File 333-185351 - Dec. 7) (BR. 01B) S-8 SOUTHWEST GAS CORP, 5241 SPRING MOUNTAIN RD, PO BOX 98510, LAS VEGAS, NV, 89193-8510, 7028767237 - 250,000 ($10,577,500.00) Equity, (File 333-185354 - Dec. 7) (BR. 02B) S-8 Boston Therapeutics, Inc., 33 SOUTH COMMERCIAL STREET, MANCHESTER, NH, 03101, 978-886-0421 - 0 ($4,950,000.00) Equity, (File 333-185355 - Dec. 7) (BR. 01A) S-4 PACWEST BANCORP, 6110 EL TORDO, RANCHO SANTA FE, CA, 92067, 8587563023 - 0 ($286,549,089.66) Equity, (File 333-185356 - Dec. 7) (BR. 07C) S-1 Advaxis, Inc., TECHNOLOGY CENTRE OF NEW JERSEY, 675 ROUTE 1, NORTH BRUNSWICK, NJ, 08902, 732 545 1590 - 115,000,000 ($5,186,500.00) Equity, (File 333-185357 - Dec. 7) (BR. 01A)
Form 8-K is used by companies to file current reports on the following events:
8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
STATE NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT ----------------------------------------------------------------------------------------- 5V Inc. DE 4.01,9.01 12/04/12 ABAXIS INC CA 8.01,9.01 12/06/12 ABIOMED INC DE 8.01,9.01 12/06/12 Acadia Healthcare Company, Inc. DE 1.01,8.01,9.01 12/04/12 Accretive Health, Inc. DE 7.01 12/06/12 ACCURAY INC DE 5.02 12/05/12 ACELRX PHARMACEUTICALS INC DE 8.01,9.01 12/06/12 Advanced BioEnergy, LLC DE 8.01,9.01 12/07/12 Advanced Cellular, Inc. NV 5.02 12/06/12 ADVENTRX PHARMACEUTICALS INC DE 5.02,9.01 12/06/12 ADVOCAT INC DE 8.01 12/07/12 AETNA INC /PA/ PA 8.01 12/07/12 Aleris International, Inc. DE 5.02 12/05/12 ALTAIR NANOTECHNOLOGIES INC Z4 3.03,9.01 12/07/12 AMERICAN FINANCIAL GROUP INC OH 1.01,1.02,2.03,8.01, 12/05/12 9.01 AMERICAN INTERNATIONAL GROUP INC DE 8.01,9.01 12/07/12 AMERITRANS CAPITAL CORP DE 1.01,9.01 12/07/12 AMERITYRE CORP NV 5.07 12/04/12 AMGEN INC DE 5.02,9.01 12/03/12 ANTS SOFTWARE INC DE 5.02 12/07/12 Aon plc X0 8.01,9.01 12/06/12 APCO OIL & GAS INTERNATIONAL INC 5.02 12/06/12 ARAMARK CORP DE 7.01 12/06/12 Ascent Solar Technologies, Inc. DE 3.01 12/07/12 ATMOS ENERGY CORP TX 8.01 12/04/12 Attitude Drinks Inc. DE 8.01 12/07/12 Avery Dennison Corp DE 5.02,9.01 12/06/12 BALLY TECHNOLOGIES, INC. NV 5.07 12/04/12 Bazaarvoice Inc DE 5.02,7.01,9.01 12/07/12 BCM Energy Partners Inc. DE 5.02 11/15/12 BIO-PATH HOLDINGS INC UT 8.01,9.01 12/06/12 BIOCRYST PHARMACEUTICALS INC DE 2.05,5.02,7.01,9.01 12/06/12 BJs RESTAURANTS INC CA 5.02 12/03/12 Bloomin' Brands, Inc. DE 5.02,9.01 12/06/12 BOTTOMLINE TECHNOLOGIES INC /DE/ DE 8.01 12/07/12 C H ROBINSON WORLDWIDE INC DE 8.01,9.01 12/06/12 Calpian, Inc. TX 9.01 09/24/12 AMEND CAMDEN PROPERTY TRUST TX 1.01,9.01 12/04/12 CANTERBURY PARK HOLDING CORP MN 8.01,9.01 12/07/12 CAPITAL PROPERTIES INC /RI/ RI 8.01,9.01 12/07/12 Cardium Therapeutics, Inc. DE 3.01,8.01,9.01 12/03/12 CARMAX INC VA 5.02 12/03/12 CARROLS RESTAURANT GROUP, INC. 1.01,9.01 12/04/12 CATASYS, INC. DE 1.01,3.02,9.01 12/04/12 AMEND CEDAR FAIR L P DE 1.01,5.02,9.01 12/04/12 CELADON GROUP INC DE 5.02,7.01,9.01 12/06/12 CELL THERAPEUTICS INC WA 5.02 12/03/12 CELL THERAPEUTICS INC WA 1.01,3.03,9.01 12/03/12 CENTURY ALUMINUM CO DE 5.02,9.01 12/04/12 CHASE BANK USA, NATIONAL ASSOCIATION DE 8.01,9.01 12/06/12 CHESAPEAKE UTILITIES CORP DE 7.01,9.01 12/07/12 CHESAPEAKE UTILITIES CORP DE 5.03 12/04/12 Chrysler Group LLC DE 4.01,5.02,8.01,9.01 12/03/12 CHS INC MN 5.02,7.01,9.01 12/06/12 CHURCH & DWIGHT CO INC /DE/ DE 9.01 10/01/12 AMEND Cinemark Holdings, Inc. DE 8.01,9.01 12/04/12 CINEMARK USA INC /TX TX 8.01,9.01 12/04/12 CityCenter Holdings, LLC DE 5.02,9.01 12/03/12 Clear Channel Outdoor Holdings, Inc. DE 5.02 12/07/12 COINSTAR INC DE 5.02,9.01 12/05/12 CollabRx, Inc. DE 1.01,5.02,9.01 12/07/12 Colony Financial, Inc. MD 1.01,9.01 12/05/12 CombiMatrix Corp DE 1.01,3.02,3.03,9.01 12/04/12 COMMERCIAL METALS CO DE 1.01,1.02,3.03,5.03, 12/06/12 8.01,9.01 COMMUNITY HEALTH SYSTEMS INC DE 7.01,9.01 12/07/12 CONNECTICUT WATER SERVICE INC / CT CT 1.01,2.03,8.01,9.01 12/06/12 CONNS INC DE 1.01,8.01,9.01 12/06/12 CONOCOPHILLIPS DE 8.01,9.01 12/04/12 CoreSite Realty Corp MD 8.01,9.01 12/05/12 CorMedix Inc. DE 5.02 12/05/12 COUPON EXPRESS, INC. NV 1.01,3.02,5.03,9.01 12/03/12 COUSINS PROPERTIES INC GA 5.02,5.03,9.01 12/03/12 CROSSTEX ENERGY LP DE 8.01,9.01 12/07/12 CYBEROPTICS CORP MN 7.01,9.01 12/07/12 CYTOKINETICS INC 8.01 12/07/12 DAILY JOURNAL CORP SC 2.01 12/04/12 DCP Midstream Partners, LP DE 7.01,9.01 12/06/12 DDR CORP OH 8.01,9.01 12/04/12 DEL MONTE CORP 2.02,7.01,9.01 12/07/12 DENNYS CORP DE 8.01 12/07/12 DERMA SCIENCES, INC. PA 1.01,9.01 12/07/12 Diamond Foods Inc DE 2.02,9.01 12/07/12 DIGITAL POWER CORP CA 5.07 12/05/12 DOT HILL SYSTEMS CORP DE 3.01 12/07/12 DOUBLE EAGLE PETROLEUM CO MD 5.02,7.01,9.01 12/06/12 ECOLAB INC DE 1.01,1.02,3.03,5.03, 12/06/12 8.01,9.01 Ecologic Transportation, Inc. 1.02 12/06/12 ECOTALITY, INC. NV 1.01,5.02,9.01 12/06/12 Electromed, Inc. 8.01 12/07/12 EMMAUS LIFE SCIENCES, INC. DE 8.01,9.01 12/03/12 EMPIRE RESOURCES INC /NEW/ DE 8.01,9.01 12/06/12 ENBRIDGE ENERGY PARTNERS LP DE 1.01,7.01,8.01,9.01 12/06/12 EQUITY LIFESTYLE PROPERTIES INC MD 2.02,7.01,9.01 12/07/12 EXELIXIS, INC. DE 5.02,9.01 12/04/12 EXIDE TECHNOLOGIES DE 5.02,9.01 12/03/12 Expedia, Inc. DE 8.01,9.01 12/07/12 FEEL GOLF CO INC CA 5.02 12/06/12 AMEND FIFTH THIRD BANCORP OH 8.01,9.01 12/07/12 FIRST PACTRUST BANCORP INC MD 8.01,9.01 12/07/12 FOREST LABORATORIES INC DE 1.01,2.03,9.01 12/06/12 FULL HOUSE RESORTS INC DE 2.01,9.01 10/01/12 AMEND GBS Enterprises Inc NV 1.01,2.03,3.02,9.01 11/30/12 GBS Enterprises Inc NV 1.01,2.03,3.02,9.01 11/30/12 GENERAC HOLDINGS INC. DE 5.02 12/07/12 GeoEye, Inc. DE 1.02,9.01 12/05/12 GERON CORP DE 8.01 12/05/12 GFI Group Inc. DE 8.01,9.01 12/07/12 Global Clean Energy Holdings, Inc. DE 5.02 12/07/12 Global Immune Technologies Inc. 2.03,3.02,7.01,9.01 12/07/12 Global Income Trust, Inc. MD 9.01 10/12/12 AMEND GOLDMAN SACHS HEDGE FUND PARTNERS LLC DE 7.01 12/06/12 GOODYEAR TIRE & RUBBER CO /OH/ OH 3.01,9.01 12/07/12 Graystone Co DE 3.02 12/06/12 Greatmat Technology Corp NV 4.01,9.01 11/29/12 GREENTECH MINING INTERNATIONAL, INC. DE 1.01,5.06,9.01 09/19/12 AMEND Guidewire Software, Inc. DE 5.02 12/05/12 HANOVER INSURANCE GROUP, INC. DE 5.02 12/07/12 HARLEYSVILLE SAVINGS FINANCIAL CORP 3.01,9.01 12/07/12 HARRIS & HARRIS GROUP INC /NY/ NY 5.02 12/06/12 HENNESSY ADVISORS INC 2.02,9.01 12/06/12 HERITAGE BANKSHARES INC /VA VA 8.01,9.01 12/07/12 Heritage Financial Group Inc MD 8.01,9.01 12/07/12 HONEYWELL INTERNATIONAL INC DE 5.02 12/05/12 Horizon Lines, Inc. 2.05,9.01 12/05/12 Horizon Technology Finance Corp DE 1.02 12/06/12 HORTON D R INC /DE/ DE 8.01,9.01 12/07/12 HPIL HOLDING NV 8.01 12/04/12 HUDSON VALLEY HOLDING CORP NY 8.01 12/07/12 Hull Energy, Inc. NV 1.01,2.01,3.02,9.01 12/06/12 HYSTER-YALE MATERIALS HANDLING, INC. DE 1.01,9.01 12/03/12 IDERA PHARMACEUTICALS, INC. DE 3.01 12/05/12 IDS Solar Technologies, Inc. NV 1.01,9.01 11/29/12 INFRAX SYSTEMS, INC. FL 8.01 12/07/12 INGLES MARKETS INC NC 2.02,8.01,9.01 12/07/12 INSPERITY, INC. DE 1.01 12/07/12 INSTEEL INDUSTRIES INC NC 8.01,9.01 12/07/12 INTEGRATED DEVICE TECHNOLOGY INC DE 1.01,2.03,9.01 12/04/12 INTEGRATED DEVICE TECHNOLOGY INC DE 8.01,9.01 12/07/12 INTERMOUNTAIN COMMUNITY BANCORP ID 8.01 12/06/12 INTERNATIONAL TEXTILE GROUP INC DE 5.02 12/05/12 Interval Leisure Group, Inc. DE 8.01 12/07/12 INTEVAC INC CA 5.02 11/30/12 ITC Holdings Corp. MI 5.02 11/08/12 AMEND JDA SOFTWARE GROUP INC DE 8.01,9.01 12/07/12 JMG Exploration, Inc. NV 5.02 12/03/12 JOURNAL COMMUNICATIONS INC 1.01,2.01,2.03,9.01 12/05/12 JuQun,Inc. NV 4.01,9.01 12/07/12 KEATING CAPITAL INC 2.02,9.01 12/06/12 Kennedy-Wilson Holdings, Inc. DE 2.03,3.02,9.01 12/07/12 KFORCE INC FL 8.01,9.01 12/07/12 KMG CHEMICALS INC TX 2.02,9.01 12/07/12 KMG CHEMICALS INC TX 5.07 12/04/12 KNOLL INC DE 5.02,9.01 12/06/12 Kodiak Oil & Gas Corp B0 7.01,9.01 12/05/12 Kosmos Energy Ltd. D0 5.02,9.01 12/04/12 Kraft Foods Group, Inc. 7.01,9.01 12/07/12 KULICKE & SOFFA INDUSTRIES INC PA 5.02,9.01 12/04/12 LAKELAND FINANCIAL CORP IN 7.01,9.01 12/06/12 LaSalle Hotel Properties MD 7.01,8.01,9.01 12/07/12 LEVI STRAUSS & CO DE 8.01 12/06/12 LEXINGTON REALTY TRUST MD 3.02 12/06/12 Liberty Interactive Corp 3.02,5.02 12/04/12 Liberty Media Corp DE 3.02,5.02 12/04/12 LIBERTY PROPERTY TRUST MD 8.01,9.01 12/05/12 LINEAR TECHNOLOGY CORP /CA/ DE 8.01,9.01 12/06/12 LITHIA MOTORS INC OR 7.01,9.01 12/07/12 LITHIA MOTORS INC OR 7.01,9.01 12/07/12 AMEND LOUISIANA BANCORP INC LA 8.01,9.01 12/07/12 LSI CORP DE 3.01 12/07/12 MACK CALI REALTY CORP MD 5.02,8.01,9.01 12/03/12 MAGNUM HUNTER RESOURCES CORP DE 1.01,2.03,9.01 12/03/12 MAINSOURCE FINANCIAL GROUP IN 7.01 12/06/12 MARTIN MARIETTA MATERIALS INC NC 5.02 12/07/12 Max Sound Corp DE 2.01,3.02,8.01,9.01 12/03/12 MCMORAN EXPLORATION CO /DE/ DE 1.01,9.01 12/05/12 MEDIENT STUDIOS, INC. NV 5.02 11/05/12 MEI Pharma, Inc. DE 1.01,9.01 12/05/12 MERCADOLIBRE INC 5.02 12/06/12 MET PRO CORP PA 2.02,9.01 12/06/12 META FINANCIAL GROUP INC DE 8.01,9.01 12/06/12 METROPCS COMMUNICATIONS INC DE 1.01,9.01 12/05/12 MGM Resorts International DE 5.02,9.01 12/04/12 MICREL INC CA 8.01,9.01 12/07/12 MONARCH CEMENT CO KS 5.02 12/07/12 MUNICIPAL MORTGAGE & EQUITY LLC DE 1.01,5.02 12/05/12 MYRIAD GENETICS INC DE 5.02,5.07,9.01 12/05/12 NATIONAL BEVERAGE CORP DE 2.02,9.01 12/06/12 NATIONAL OILWELL VARCO INC DE 5.02,9.01 12/06/12 NeuroMetrix, Inc. DE 5.07 12/07/12 NEW PEOPLES BANKSHARES INC VA 5.07 12/04/12 Nexeo Solutions Holdings, LLC DE 7.01 12/07/12 NORTHWEST BIOTHERAPEUTICS INC DE 8.01,9.01 12/07/12 OMEGA PROTEIN CORP NV 5.02,9.01 12/04/12 OMNICARE INC DE 7.01,9.01 12/07/12 OPTICAL CABLE CORP VA 8.01,9.01 12/06/12 Orient Paper Inc. NV 8.01,9.01 12/06/12 OvaScience, Inc. DE 5.02 12/05/12 PACIFIC WEBWORKS INC NV 5.01,5.02,9.01 11/30/12 Pacira Pharmaceuticals, Inc. DE 1.01,9.01 12/05/12 PACKAGING CORP OF AMERICA 5.03,7.01,9.01 12/05/12 PAM TRANSPORTATION SERVICES INC DE 7.01,9.01 12/06/12 Pathfinder Cell Therapy, Inc. DE 2.03,3.02 12/04/12 PERMA FIX ENVIRONMENTAL SERVICES INC DE 3.01 12/04/12 PetroLogistics LP DE 1.02 12/03/12 Plandai Biotechnology, Inc. 4.01 12/03/12 Pollex, Inc. NV 5.02 12/04/12 Poly Shield Technologies Inc. DE 1.01,9.01 11/16/12 POPE RESOURCES LTD PARTNERSHIP DE 7.01,9.01 12/07/12 PORTLAND GENERAL ELECTRIC CO /OR/ OR 7.01 11/30/12 PowerShares DB Commodity Index Tracki 8.01 12/07/12 PowerShares DB G10 Currency Harvest F DE 8.01 12/07/12 PowerShares DB Multi-Sector Commodity DE 8.01 12/07/12 PowerShares DB US Dollar Index Trust DE 8.01 12/07/12 PRICESMART INC DE 2.02,9.01 12/07/12 PRIVILEGED WORLD TRAVEL CLUB, INC. DE 1.01,9.01 12/03/12 PROLOR Biotech, Inc. NV 7.01,9.01 12/07/12 PVH CORP. /DE/ DE 1.01,9.01 12/06/12 Pzena Investment Management, Inc. DE 8.01,9.01 11/30/12 Quanex Building Products CORP DE 7.01,9.01 12/06/12 QUANTA SERVICES INC DE 5.02,7.01,9.01 12/06/12 Raptor Pharmaceutical Corp DE 5.03 12/07/12 Resource Real Estate Opportunity REIT MD 8.01 12/06/12 REX ENERGY CORP DE 8.01,9.01 12/07/12 ROBBINS & MYERS, INC. OH 8.01,9.01 12/07/12 SAFE TECHNOLOGIES INTERNATIONAL INC DE 4.01,5.02,9.01 08/23/12 Sancon Resources Recovery, Inc. K3 8.01 12/07/12 Scio Diamond Technology Corp NV 5.02,9.01 11/30/12 SEABOARD CORP /DE/ DE 8.01,9.01 12/06/12 SEACOR HOLDINGS INC /NEW/ DE 1.01,2.03,9.01 12/07/12 SEACOR HOLDINGS INC /NEW/ DE 8.01,9.01 12/07/12 SecureAlert, Inc. UT 1.01 12/04/12 SED INTERNATIONAL HOLDINGS INC 2Q 5.07 12/05/12 SELECTICA INC DE 5.02 12/03/12 SENSIENT TECHNOLOGIES CORP WI 5.03,9.01 12/06/12 SERENA SOFTWARE INC DE 1.01 12/03/12 SHERWIN WILLIAMS CO OH 8.01,9.01 12/04/12 Shire plc 8.01,9.01 12/07/12 SHOE CARNIVAL INC IN 8.01,9.01 12/07/12 ShoreTel Inc CA 1.01 12/04/12 Silver Dragon Resources Inc. DE 1.01 12/07/12 SIMMONS FIRST NATIONAL CORP AR 8.01,9.01 12/06/12 SMITH & WESSON HOLDING CORP NV 2.02,7.01,9.01 12/06/12 SONOCO PRODUCTS CO SC 7.01,9.01 12/07/12 Southern Hospitality Development Corp CO 7.01,9.01 12/07/12 SOUTHWEST AIRLINES CO TX 7.01,9.01 11/30/12 Star Gold Corp. NV 5.02 10/17/12 STEELCASE INC MI 7.01,9.01 12/07/12 STEINER LEISURE Ltd C5 9.01 12/04/12 STEINWAY MUSICAL INSTRUMENTS INC DE 5.08 12/07/12 Summit Hotel Properties, Inc. MD 3.03,5.03,8.01,9.01 12/03/12 Sur Ventures, Inc. NV 4.01,9.01 12/04/12 SWK Holdings Corp DE 1.01,8.01 12/07/12 SYNERGY RESOURCES CORP CO 2.01 12/05/12 SYNTEL INC MI 1.01,8.01,9.01 12/07/12 T.O ENTERTAINMENT, INC. CO 1.01,2.03,9.01 11/12/12 TEMPUR PEDIC INTERNATIONAL INC DE 8.01,9.01 12/07/12 Titan Iron Ore Corp. NV 8.01 12/07/12 Tops Holding Corp DE 8.01,9.01 12/07/12 TOWER FINANCIAL CORP IN 9.01 12/07/12 Tower Group, Inc. DE 7.01,9.01 12/07/12 TOYS R US INC DE 2.02,9.01 12/07/12 TPC Group Inc. DE 5.07 12/05/12 TRC COMPANIES INC /DE/ DE 5.07 12/05/12 TRI-CONTINENTAL CORP MD 7.01,9.01 12/07/12 TRW AUTOMOTIVE HOLDINGS CORP DE 8.01 12/05/12 U S PHYSICAL THERAPY INC /NV NV 7.01,9.01 12/07/12 Uni-Pixel DE 8.01,9.01 12/07/12 UNIFIRST CORP MA 5.02,9.01 12/05/12 UniTek Global Services, Inc. DE 5.02 12/03/12 UNIVERSAL INSURANCE HOLDINGS, INC. DE 8.01,9.01 12/06/12 URANIUM ENERGY CORP NV 7.01,9.01 12/07/12 USA Graphite Inc. NV 1.01,2.03,3.02,9.01 12/07/12 AMEND USG CORP DE 8.01 12/07/12 UTi WORLDWIDE INC D8 3.03,5.03,8.01,9.01 12/03/12 VASCULAR SOLUTIONS INC MN 1.01,2.03,9.01 12/06/12 Venture Lending & Leasing V, Inc. MD 5.02,9.01 12/07/12 Venture Lending & Leasing VI, Inc. MD 5.02,9.01 12/07/12 Venture Lending & Leasing VII, Inc. MD 5.02,9.01 12/07/12 VHGI HOLDINGS, INC. DE 5.03,9.01 12/03/12 Viggle Inc. DE 1.01,2.03,9.01 12/03/12 VIRCO MFG CORPORATION DE 2.02,9.01 12/07/12 VITESSE SEMICONDUCTOR CORP DE 8.01,9.01 12/06/12 WARREN RESOURCES INC MD 5.02,7.01,9.01 12/03/12 WATSCO INC FL 8.01 12/07/12 WELLS CORE OFFICE INCOME REIT INC 8.01 12/07/12 WELLS FARGO & COMPANY/MN DE 9.01 12/07/12 WELLS FARGO & COMPANY/MN DE 9.01 12/07/12 Wesco Aircraft Holdings, Inc 1.01,2.03,7.01,9.01 12/07/12 WESTFIELD FINANCIAL INC MA 8.01,9.01 12/06/12 WHITEWAVE FOODS Co DE 5.02 12/05/12 WINLAND ELECTRONICS INC MN 8.01,9.01 12/07/12 WINNER MEDICAL GROUP INC NV 5.07,8.01,9.01 12/07/12 WMX Group Holdings, Inc. FL 1.01,5.02,9.01 12/01/12 WMX Group Holdings, Inc. FL 3.02,5.03,9.01 12/03/12 WNC HOUSING TAX CREDIT FUND II LP CA 2.02,9.01 12/07/12 X-CHANGE CORP NV 1.02 08/31/12 AMEND ZaZa Energy Corp DE 1.01,5.02,9.01 12/07/12