Protect American Investments Act of 2013

Capital gains and dividend tax rates as they relate to mutual funds Issues related to extending permanently the registered investment company flow-through provisions of Code section 871(k) Issues related to tax incentives for retirement savings Domestic security or financial transaction tax proposals, including H.R. 880 and S. 410 (Wall Street Trading and Speculators Tax Act) and H.R. 1579 (Inclusive Prosperity Act of 2013) Proposals to protect securities transactions in the U.S. from enforcement of certain excise taxes imposed by any foreign government (imposition of foreign financial transaction tax in the U.S.), including S. 1257 and H.R. 2546 (Protect American Investments Act of 2013) Issues related to limitations on exclusion of municipal bond interest Issues related to fundamental tax reform Issues related to savings Issues related to taxation of derivatives Issues related to basis reporting for stock, bond and money market funds Issues related to commodity related investments Issues related to 529 college savings plans; encourage retention of their tax incentives Issues related to the ABLE Act (S.313 and H.R.647) Issues related to development of the 401(Kids) Education Savings Account Act proposal General tax issues related to mutual funds Issues related to Security Transaction tax proposals and H.R. 880, S. 410

Client expense: $460,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Reserve System, HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

S. 313 - ABLE Act of 2013 (Casey) S. 2261 - Tax Technical Corrections Act of 2014 (Wyden) H.R. 647 - ABLE Act of 2013 (Crenshaw) H.R. 4555 - Exemption for Certain Dividends Paid by RICs to Nonresident Aliens (Paulsen)S. 1257 - Protect American Investments Act of 2013 (Roberts) S. 2260 - EXPIRE Act of 2014 (Wyden) H.R. 2546 - Protect American Investments Act of 2013 (Price) H.R. 4619 - Permanent IRA Charitable Contribution Act of 2014 (Schock) H.R. 5528 - Tax Technical Corrections Act of 2014 (Camp) Tax Reform Stretch IRAs Annual Contribution Limits for Retirement Plans International Regulated Investment Companies Tax-Exemption for Municipal Bonds Financial Transaction Tax

Client expense: $1,502,069 · Firm income: Not reported

H.R. 450, Bureau of Consumer Financial Protection Accountability Act H.R. 605, Insurance Consumer Protection and Solvency Act of 2013 H.R. 634, Business Risk Mitigation and Price Stabilization Act of 2013 H.R. 677, Inter-Affiliate Swap Clarification Act H.R. 742, Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 H.R. 992 / S. 474, Swaps Regulatory Improvement Act H.R. 1038, Public Power Risk Management Act of 2013 H.R. 1062, SEC Regulatory Accountability Act H.R. 1105, Small Business Capital Access and Job Preservation Act H.R. 1106 / S. 550, Small Business Investment Company Modernization Act of 2013 H.R. 1135, Burdensome Data Collection Relief Act H.R. 1221 / S. 737, Basel III Capital Impact Study Act H.R. 1256, Swap Jurisdiction Certainty Act H.R. 1341, Financial Competitive Act of 2013 H.R. 1564 / S. 1526, Audit Integrity and Jobs Protection Act H.R. 1800, Small Business Credit Availability Act H.R. 2122 / S. 1029, Regulatory Accountability Act of 2013 H.R. 2140, Insurance Capital and Accounting Standards Act of 2013 H.R. 2274, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2013 H.R. 2374, Retail Investor Protection Act H.R. 2446, Responsible Consumer Financial Protection Regulations Act of 2013 H.R. 2546 / S. 1257, Protect American Investments Act of 2013 H.R. 2733, Defending American Taxpayers From Abusive Government Takings Act of 2013 H.R. 3193, Consumer Financial Protection Safety and Soundness Improvement Act of 2013 H.R. 3448, Small Cap Liquidity Reform Act of 2014 H.R. 3519, Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 H.R. 3623, Improving Access to Capital for Emerging Growth Companies Act H.R. 3701, U.S. Financial Services Global Viability Act H.R. 3770, Bureau of Consumer Financial Protection-Inspector General Reform Act of 2013 H.R. 3819 / S. 1907, Fairness for Community Job Creators Act H.R. 3928, Federal Reserve Accountability and Transparency Act of 2014 H.R. 4164, Small Company Disclosure Simplification Act H.R. 4167, Restoring Proven Financing for American Employers Act H.R. 4200, SBIC Advisers Relief Act of 2014 H.R. 4383, Bureau of Consumer Financial Protection Small Business Advisory Board Act H.R. 4387, FSOC Transparency and Accountability Act H.R. 4413, Customer Protection and End User Relief Act H.R. 4466, Financial Regulatory Clarity Act of 2014 H.R. 4510 / S. 2270, Insurance Capital Standards Clarification Act of 2014 H.R. 4554, Restricted Securities Relief Act of 2014 H.R. 4565, Startup Capital Modernization Act of 2014 H.R. 4568, Small Business Freedom to Grow Act of 2014 H.R. 4569, Disclosure Modernization and Simplification Act of 2014 H.R. 4570, Private Placement Improvement Act of 2014 H.R. 4571, To direct the Securities and Exchange Commission to revise its rules so as to increase the threshold amount for requiring issuers to provide certain disclosures relating to compensatory benefit plans H.R. 4604, CFPB Data Collection Security Act H.R. 4662, Bureau Advisory Opinion Act H.R. 4684, Bureau Guidance Transparency Act H.R. 4697, Small-Cap Access to Capital Act H.R. 4804, Bureau Examination Fairness Act H.R. 4811, Bureau Guidance Transparency Act H.R. 4842, Business Supply Chain Transparency on Trafficking and Slavery Act of 2014 S. 635, Privacy Notice Modernization Act of 2013 S. 888, A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934 S. 1217, Housing Finance Reform and Taxpayer Protection Act of 2013 S. 1369, A bill to provide additional flexibility to the Board of Governors of the Federal Reserve System to establish capital standards that are properly tailored to the unique characteristics of the business of insurance, and for other purposes S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014 Draft legislation on conflict minerals disclosures Various issues relating to implementation of Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), including proposals to alter the derivatives provisions; Moving Ahead for Progress in the 21st Century Act (P.L. 112-140), including Sec. 40312, issues related to pension fund stabilization; implementation of the Jumpstart our Business Startups Act (P.L. 112-106); Consumer Financial Protection Bureau reform; Securities and Exchange Commission reform; Financial Stability Oversight Council (FSOC) reform; Department of Labor definition of fiduciary duty rules; international capital standards for non-banks; systemic risk regulations for non-bank financial companies; financial reporting policies reform; regulation of money market mutual funds; proposed Volcker Rule, trust preferred bonds and collateralized loan obligations; proposed risk retention rules and the collateralized loan obligations market; Commodity Futures Trading Commission's derivatives regulations; amendments to Rule 701 under the Securities Act of 1933; Basel III capital standards; proposed money market mutual fund regulation; reconciliation of merchant card and third-party payments; political spending disclosures; transparent financial reporting; Federal Reserve Boards review of 2003 determination that certain commodity activities are complementary to financial activities and thus permissible for bank holding companies; reducing barriers to capital formation; capital requirements and systemically important financial institutions; oversight of proxy advisory firms; credit risk retention rules

H.R. 30, Small Business Investment Enhancement and Tax Relief Act H.R. 243, Bowles-Simpson Plan of Lowering Americas Debt Act H.R. 516, Middle Class Payroll Tax Relief Act H.R. 523, Protect Medical Innovation Act of 2013 H.R. 684 / S. 336 / S. 743, Marketplace Fairness Act of 2013 H.R. 694, Corporate Tax Fairness Act H.R. 763, To repeal the annual fee on health insurance providers enacted by the Patient Protection and Affordable Care Act H.R. 766 / S. 321, Paying a Fair Share Act of 2013 H.R. 851 / S. 337, Bring Jobs Home Act H.R. 880 / S. 410, Wall Street Trading and Speculators Tax Act H.R. 886, Americas Small Business Tax Relief Act of 2013 H.R. 1202 / S. 547, One Percent Spending Reduction Act of 2013 H.R. 2546 / S. 1257, Protect American Investments Act of 2013 H.R. 3724 / S. 1364, Digital Goods and Services Tax Fairness Act of 2013 H.R. 4429, Permanent Active Financing Exception Act of 2014 H.R. 4438, American Research and Competitiveness Act of 2014 H.R. 4453, S Corporation Permanent Tax Relief Act of 2014 H.R. 4454, Permanent S Corporation Charitable Contributions Act of 2014 H.R. 4457, America's Small Business Tax Relief Act of 2014 H.R. 4464, Permanent CFC Look-Through Act of 2014 S. 193, Startup Innovation Credit Act of 2013 S. 250, Corporate Tax Dodging Prevention Act S. 268, CUT Loopholes Act S. 277, Job Prevention and Economic Certainty Act of 2013 S. 278, Job Preservation and Sequester Replacement Act of 2013 S. 388, American Family Economic Protection Act of 2013 S. 2260, EXPIRE Act of 2014 S. 2432, Bank on Students Emergency Loan Refinancing Act Draft Tax Reform Act of 2014 Various issues relating to the implementation of Middle Class Tax Relief and Job Creation Act of 2012 (P.L. 112-96); tax extenders including R&D tax credit, bonus depreciation, exemptions for active financing income, deferral tax provisions, S-Corp tax provisions, and Section 179 expensing limits; international competiveness of corporate tax rates; comprehensive tax reform, including House Ways and Means Committee working drafts and Chairman Camps comprehensive draft bill; Chairman Goodlattes principles governing sales tax collection legislation; Alternative Minimum Tax (AMT); extension of unemployment insurance; Senator Levins Management and Control corporate residency proposal; Sustainable Growth Rate (SGR); House Judiciary Committee Principles on Internet Sales Tax; tax reform; entitlement reform; sequestration; internet sales tax

Capital gains and dividend tax rates as they relate to mutual funds Issues related to extending permanently the registered investment company flow-through provisions of Code section 871(k) Issues related to tax incentives for retirement savings (See attached addendum page)Domestic security or financial transaction tax proposals, including H.R. 880 and S. 410 (Wall Street Trading and Speculators Tax Act) and H.R. 1579 (Inclusive Prosperity Act of 2013) Proposals to protect securities transactions in the U.S. from enforcement of certain excise taxes imposed by any foreign government (imposition of foreign financial transaction tax in the U.S.), including S. 1257 and H.R. 2546 (Protect American Investments Act of 2013) Issues related to limitations on exclusion of municipal bond interest Issues related to fundamental tax reform Issues related to savings Issues related to taxation of derivatives Issues related to basis reporting for stock, bond and money market funds Issues related to commodity related investments Issues related to 529 college savings plans; encourage retention of their tax incentives Issues related to the ABLE Act (S.313 and H.R.647) General tax issues related to mutual funds

Client expense: $460,000 · Firm income: Not reported

S. 268 - CUT Loopholes Act (Levin) S. 410 - Wall Street Trading and Speculators Tax Act (Harkin) S. 606 - Shrinking Emergency Account Losses Act (Nelson) S. 1257 - Protect American Investments Act of 2013 (Roberts) S. 1533 - Stop Tax Haven Abuse Act (Levin) S. 2260 - EXPIRE Act of 2014 (Section 871(k) Flow-through of Certain Dividends/Tax Extenders) S. 2261 - Tax Technical Corrections Act of 2014 (RIC Modernization Act) H.R. 880 - Wall Street Trading and Speculators Tax Act (DeFazio) H.R. 1554 - Stop Tax Haven Abuse Act (Doggett) H.R. 2546 - Protect American Investments Act of 2013 (Price) H.R. 4555 - Exemption for Certain Dividends Paid by RICs to Nonresident Aliens (Paulsen) H.R. 4619 - Permanent IRA Charitable Contribution Act of 2014 (Schock) Draft - Tax Reform (Camp) Draft - Preserving American's Transit and Highways Act (Stretch IRAs) Draft - ASPIRE Act (Schumer) Annual Contribution Limits for Retirement Plans Foreign Account Tax Compliance Act International Regulated Investment Companies Tax-Exemption for Municipal Bonds Financial Transaction Tax

Client expense: $1,190,150 · Firm income: Not reported

H.R. 30, Small Business Investment Enhancement and Tax Relief Act H.R. 233, To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased H.R. 243, Bowles-Simpson Plan of Lowering Americas Debt Act H.R. 516, Middle Class Payroll Tax Relief Act H.R. 523, Protect Medical Innovation Act of 2013 H.R. 684 / S. 336 / S. 743, Marketplace Fairness Act of 2013, including provisions relating to internet sales tax H.R. 694, Corporate Tax Fairness Act H.R. 763, To repeal the annual fee on health insurance providers enacted by the Patient Protection and Affordable Care Act H.R. 766 / S. 321, Paying a Fair Share Act of 2013 H.R. 851 / S. 337, Bring Jobs Home Act H.R. 880 / S. 410, Wall Street Trading and Speculators Tax Act H.R. 886, Americas Small Business Tax Relief Act of 2013 H.R. 1202 / S. 547, One Percent Spending Reduction Act of 2013 H.R. 2546 / S. 1257, Protect American Investments Act of 2013 H.R. 2992, Business Activity Tax Simplification Act of 2013 H.R. 3685, Protecting Volunteer Firefighters and Emergency Responders Act H.R. 3724 / S. 1364, Digital Goods and Services Tax Fairness Act of 2013 H.R. 3865, Stop Targeting of Political Beliefs by the IRS Act of 2014 H.R. 3979, Protecting Volunteer Firefighters and Emergency Responders Act of 2014 H.R. 4105 / S. 1509, Maritime Goods Movement Act for the 21st Century H.R. 4302, Protecting Access to Medicare Act of 2014 S. 193, Startup Innovation Credit Act of 2013 S. 250, Corporate Tax Dodging Prevention Act S. 268, CUT Loopholes Act S. 277, Job Prevention and Economic Certainty Act of 2013 S. 278, Job Preservation and Sequester Replacement Act of 2013 S. 388, American Family Economic Protection Act of 2013 S. 2162, 21st Century Worker Tax Cut Act Draft Tax Reform Act of 2014 Various issues relating to tax reform; entitlement reform; sequestration; increasing the debt limit; implementation of Middle Class Tax Relief and Job Creation Act of 2012 (P.L. 112-96); tax extenders; R&D tax credit, bonus depreciation, exemptions for active financing income, deferral tax provisions, S-Corp tax provisions, and Section 179 expensing limits; international competiveness of corporate tax rates; comprehensive tax reform, including House Ways and Means Committee working drafts and Chairman Camps comprehensive draft bill; Chairman Goodlattes principles governing sales tax collection legislation; Alternative Minimum Tax (AMT); extension of unemployment insurance; Senator Levins Management and Control corporate residency proposal; Sustainable Growth Rate (SGR); online sales tax collection proposals; harbor maintenance tax; Chairman Max Baucuss discussion draft on tax cost recovery and accounting rules; small business and the tax gap; House Judiciary Committee Principles on Internet Sales Tax

H.R. 450, Bureau of Consumer Financial Protection Accountability Act H.R. 634, Business Risk Mitigation and Price Stabilization Act of 2013 H.R. 677, Inter-Affiliate Swap Clarification Act H.R. 742, Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 H.R. 992 / S. 474, Swaps Regulatory Improvement Act H.R. 1038, Public Power Risk Management Act of 2013 H.R. 1062, SEC Regulatory Accountability Act H.R. 1105, Small Business Capital Access and Job Preservation Act H.R. 1106 / S. 550, Small Business Investment Company Modernization Act of 2013 H.R. 1135, Burdensome Data Collection Relief Act H.R. 1221, Basel III Capital Impact Study Act H.R. 1256, Swap Jurisdiction Certainty Act H.R. 1341, Financial Competitive Act of 2013 H.R. 1564 / S. 1526, Audit Integrity and Jobs Protection Act H.R. 1800, Small Business Credit Availability Act H.R. 2122, Regulatory Accountability Act of 2013 H.R. 2274, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2013 H.R. 2374, Retail Investor Protection Act H.R. 2446, Responsible Consumer Financial Protection Regulations Act of 2013 H.R. 2546 / S. 1257, Protect American Investments Act of 2013 H.R. 2733, Defending American Taxpayers From Abusive Government Takings Act of 2013 H.R. 3193, Consumer Financial Protection Safety and Soundness Improvement Act of 2013 H.R. 3448, Small Cap Liquidity Reform Act of 2014 H.R. 3519, Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 H.R. 3623, Improving Access to Capital for Emerging Growth Companies Act H.R. 3701, U.S. Financial Services Global Viability Act H.R. 3819 / S. 1907, Fairness for Community Job Creators Act H.R. 3928, Federal Reserve Accountability and Transparency Act of 2014 H.R. 4164, Small Company Disclosure Simplification Act H.R. 4167, Restoring Proven Financing for American Employers Act S. 737, Basel III Impact Study Act S. 888, A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934 S. 1029, Regulatory Accountability Act of 2013 S. 1369, A bill to provide additional flexibility to the Board of Governors of the Federal Reserve System to establish capital standards that are properly tailored to the unique characteristics of the business of insurance, and for other purposes Draft legislation on human trafficking disclosure Various issues relating to Consumer Financial Protection Bureau reform; Securities and Exchange Commission reform; financial reporting policies reform; Financial Stability Oversight Council (FSOC) reform; implementation of Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), including proposals to alter the derivatives provisions; Moving Ahead for Progress in the 21st Century Act (MAP-21) (P.L. 112-141), including Sec. 40,312, issues related to pension fund stabilization; regulation of money market mutual funds; proposed Volcker Rule, trust preferred bonds and collateralized loan obligations; proposed risk retention rules and the collateralized loan obligations market; Commodity Futures Trading Commission's derivatives regulations; amendments to Rule 701 under the Securities Act of 1933; Basel III capital standards; reconciliation of merchant card and third-party payments; political spending disclosures; transparent financial reporting; Federal Reserve Boards review of 2003 determination that certain commodity activities are complementary to financial activities and thus permissible for bank holding companies; Private Securities Litigation Act (P.L. 104-67); implementation of the Jumpstart our Business Startups Act (P.L. 112-106); reducing barriers to capital formation; capital requirements and systemically important financial institutions; oversight of proxy advisory firms

S. 410 - Wall Street Trading and Speculators Tax Act (Harkin) S. 1533 - Stop Tax Haven Abuse Act (Levin) H.R. 1554 - Stop Tax haven Abuse Act (Doggett) H.R. 2546 - Protect American Investments Act of 2013 (Price)S. 268 - CUT Loopholes Act (Levin) S. 313 - ABLE Act of 2013 (Casey) S. 1257 - Protect American Investments Act of 2013 (Roberts) S. 606 - Shrinking Emergency Account Losses Act (Nelson) H.R. 880 - Wall Street Trading and Speculators Tax Act (DeFazio) H. Res. 112 - House Resolution on Municipal Bonds (Terry) Discussion Draft - Tax Reform (Camp) Section 871(k) Flow-through of Certain Dividends/Tax Extenders Annual Contribution Limits for Retirement Plans Foreign Account Tax Compliance Act International Regulated Investment Companies Tax-Exemption for Municipal Bonds Financial Transaction Tax 28% Limit on Tax Deductions and Exemptions RIC Modernization Act Technical Corrections

Client expense: $1,274,843 · Firm income: Not reported

H.R. 880 Wall Street Trading and Speculators Tax Act; entire bill H.R. 1579 The Inclusive Prosperity Act; entire bill H.R. 2546 Protect American Investments Act of 2013; entire billH.R. 2992 Business Activity Tax Simplification Act of 2013; entire bill S. 410 Wall Street Trading and Speculators Tax Act; entire bill S. 1257 - To protect financial transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes; entire bill S. 1645 Mobile Workforce State Income Tax Simplification Act of 2013; entire bill S. 1687 Payroll Fraud Prevention Act of 2013; entire bill S. 1706 Fair Playing Field Act of 2003; entire bill Camp Tax Reform Proposal: Life insurers and insurance product taxation, property casualty insurance proration rule, savings incentives (both qualified and non-qualified), long-term capital gains and qualified dividends, basis adjustment rules, taxation of financial products, compensation and benefit limitations, worker classification, municipal bond interest exclusion, corporate tax rate, corporate business deductions, international corporate taxation, employee benefits, and need for workable transition and compliance rules Worker classification / Independent contractor reform proposal and impact on independent financial advisers working within the securities industry FY 2015 White House budget proposals, including provisions affecting life company and life product taxation, independent contractor, cutback on exclusions for qualified plan contributions and IRAs, employer-provided health benefits, and municipal interest exclusions European FTTs and transborder collection obligation on US broker dealers FATCA: Implementation and global competitive considerations

Client expense: $710,000 · Firm income: Not reported

Capital gains and dividend tax rates as they relate to mutual funds Issues related to extending permanently the registered investment company flow-through provisions of Code section 871(k) Issues related to tax incentives for retirement savings (See attached addendum page)Domestic security or financial transaction tax proposals, including H.R. 880 and S. 410 (Wall Street Trading and Speculators Tax Act) and H.R. 1579 (Inclusive Prosperity Act of 2013) Proposals to protect securities transactions in the U.S. from enforcement of certain excise taxes imposed by any foreign government (imposition of foreign financial transaction tax in the U.S.), including S. 1257 and H.R. 2546 (Protect American Investments Act of 2013) Issues related to tax incentives for retirement savings Issues related to limitations on exclusion of municipal bond interest Issues related to fundamental tax reform Issues related to savings Issues related to taxation of derivatives Issues related to basis reporting for stock, bond, and money market funds Issues related to commodity related investments Issues related to 529 college savings plans; encourage retention of their tax incentives General tax issues related to mutual funds

Client expense: $490,000 · Firm income: Not reported

HR 2546 - The Protect American Investments Act

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 31, Next Steps for Credit Availability Act H.R. 148, DISCLOSE 2013 Act H.R. 450, Bureau of Consumer Financial Protection Accountability Act H.R. 634, Business Risk Mitigation and Price Stabilization Act of 2013 H.R. 677, Inter-Affiliate Swap Clarification Act H.R. 701, To amend a provision of the Securities Act of 1933 directing the Securities and Exchange Commission to add a particular class of securities to those exempted under such Act to provide a deadline for such action H.R. 719, Capital Access for Small Businesses and Jobs Act H.R. 742, Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 H.R. 949, Invest in American Jobs Act of 2013 H.R. 992 / S. 474, Swaps Regulatory Improvement Act H.R. 1038, Public Power Risk Management Act of 2013 H.R. 1062, SEC Regulatory Accountability Act H.R. 1105, Small Business Capital Access and Job Preservation Act H.R. 1106 / S. 550, Small Business Investment Company Modernization Act of 2013 H.R. 1135, Burdensome Data Collection Relief Act H.R. 1221, Basel III Capital Impact Study Act H.R. 1256, Swap Jurisdiction Certainty Act H.R. 1341, Financial Competitive Act of 2013 H.R. 1564 / S. 1526, Audit Integrity and Jobs Protection Act H.R. 1800, Small Business Credit Availability Act H.R. 1973, Business Development Company Modernization Act H.R. 2122, Regulatory Accountability Act of 2013 H.R. 2274, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2013 H.R. 2374, Retail Investor Protection Act H.R. 2446, Responsible Consumer Financial Protection Regulations Act of 2013 H.R. 2546 / S. 1257, Protect American Investments Act of 2013 H.R. 2733, Defending American Taxpayers From Abusive Government Takings Act of 2013 H.R. 3193, Consumer Financial Protection Safety and Soundness Improvement Act of 2013 H.R. 3519, Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 H.R. 3701, U.S. Financial Services Global Viability Act S. 737, Basel III Impact Study Act S. 888, A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934 S. 1029, Regulatory Accountability Act of 2013 Draft legislation on small business XBRL exemptions Draft legislation on treatment of securities for emerging growth companies Nomination of Richard Cordray as director of the CFPB Various issues relating to reforming the Consumer Financial Protection Bureau and the Securities Exchange Commission, including regulations regarding capital formation and capital markets; implementation of Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), including proposals to alter the derivatives provisions; implementation of Moving Ahead for Progress in the 21st Century Act (P.L. 112-140), including issues related to pension fund stabilization; regulation of money market mutual funds; the proposed Volcker Rule; the Commodity Futures Trading Commission's derivatives regulations; amendments to Rule 701 under the Securities Act of 1933; reconciliation of merchant card and third-party payments; transparent financial reporting; Financial Stability Oversight Council (FSOC) reform; Federal Reserve Boards review of 2003 determination that certain commodity activities are complementary to financial activities and thus permissible for bank holding companies; the Private Securities Litigation Act (P.L. 104-67); the Jumpstart our Business Startups Act (P.L. 112-106); reducing barriers to capital formation; oversight of proxy advisory firms; political spending disclosures

H.R. 30, Small Business Investment Enhancement and Tax Relief Act H.R. 233, To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased H.R. 243, Bowles-Simpson Plan of Lowering Americas Debt Act H.R. 516, Middle Class Payroll Tax Relief Act H.R. 523, Protect Medical Innovation Act of 2013 H.R. 684 / S. 336 / S. 743, Marketplace Fairness Act of 2013, including provisions relating to internet sales tax H.R. 694, Corporate Tax Fairness Act H.R. 763, To repeal the annual fee on health insurance providers enacted by the Patient Protection and Affordable Care Act H.R. 766 / S. 321, Paying a Fair Share Act of 2013 H.R. 851 / S. 337, Bring Jobs Home Act H.R. 880 / S. 410, Wall Street Trading and Speculators Tax Act H.R. 886, Americas Small Business Tax Relief Act of 2013 H.R. 1202 / S. 547, One Percent Spending Reduction Act of 2013 H.R. 2546 / S. 1257, Protect American Investments Act of 2013 H.R. 3724, Digital Goods and Services Tax Fairness Act of 2013 S. 18, Sequester Replacement and Spending Reduction Act of 2013 S. 193, Startup Innovation Credit Act of 2013 S. 250, Corporate Tax Dodging Prevention Act S. 268, CUT Loopholes Act S. 277, Job Prevention and Economic Certainty Act of 2013 S. 278, Job Preservation and Sequester Replacement Act of 2013 S. 388, American Family Economic Protection Act of 2013 S. 1364, Digital Goods and Services Tax Fairness Act of 2013 S. 1654, Government Settlement Transparency and Reform Act Various issues relating to the fiscal cliff, tax reform, entitlement reform and sequestration; the implementation of Middle Class Tax Relief and Job Creation Act of 2012 (P.L. 112-96); Chairman Paul Ryan's FY13 Budget Proposal; R&D tax credit; tax extenders; S-Corp tax provisions; deferral tax provisions; international competiveness of corporate tax rates; exemptions for active financing income; comprehensive tax reform, including House Ways and Means Committee working drafts; Chairmen Baucus and Camps blank slate approach to comprehensive tax reform; Form 1099K, credit card reporting and IRS use of the information to audit businesses; House Judiciary Committee Principles on Internet Sales Tax; Chairman Goodlattes principles governing sales tax collection legislation; Sen. Baucus draft legislation; tax reform issues surrounding changes in reporting

Capital gains and dividend tax rates as they relate to mutual funds Domestic security or financial transaction tax proposals, including H.R. 880 and S. 410 (Wall Street Trading and Speculators Tax Act) and H.R. 1579 (Inclusive Prosperity Act of 2013) (see attached addendum page)General tax issues related to mutual funds Proposals to protect securities transactions in the U.S. from enforcement of certain excise taxes imposed by any foreign government (imposition of foreign financial transaction tax in the U.S.), including S. 1257 and H.R. 2546 (Protect American Investments Act of 2013) Issues related to tax incentives for retirement savings Issues related to limitations on exclusion of municipal bond interest Issues related to fundamental tax reform Issues related to taxation of derivatives Issues related to basis reporting for stock, bond, and money market funds Issues related to commodity related investments Issues related to 529 college savings plans; encourage retention of their tax incentives

Client expense: $800,000 · Firm income: Not reported

S. 410 - Wall Street Trading and Speculators Tax Act (Harkin) S. 1257 - Protect American Investments Act of 2013 (Roberts) H.R. 880 - Wall Street Trading and Speculators Tax Act (DeFazio) H. Res. 112 - House Resolution on Municipal Bonds (Terry)S. 268 - CUT Loopholes Act (Levin) S. 313 - ABLE Act of 2013 (Casey) S. 606 - Shrinking Emergency Account Losses Act (Nelson) S. 1533 - Stop Tax Haven Abuse Act (Levin) H.R. 1554 - Stop Tax Haven Abuse Act (Doggett) H.R. 2546 - Protect American Investments Act of 2013 (Price) Section 871(k) Flow-through of Certain Dividends Annual Contribution Limits for Retirement Plans Foreign Account Tax Compliance Act International Regulated Investment Companies Tax-Exemption for Municipal Bonds Financial Transaction Tax Tax Treatment of Financial Products (Camp) 28% Limit on Tax Deductions and Exemptions RIC Modernization Act Technical Corrections

Client expense: $1,128,074 · Firm income: Not reported

H.R. 30, Small Business Investment Enhancement and Tax Relief Act H.R. 233, To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased H.R. 243, Bowles-Simpson Plan of Lowering Americas Debt Act H.R. 516, Middle Class Payroll Tax Relief Act H.R. 523, Protect Medical Innovation Act of 2013 H.R. 684 / S. 336 / S. 743, Marketplace Fairness Act of 2013 H.R. 694, Corporate Tax Fairness Act H.R. 763, To repeal the annual fee on health insurance providers enacted by the Patient Protection and Affordable Care Act H.R. 766 / S. 321, Paying a Fair Share Act of 2013 H.R. 851 / S. 337, Bring Jobs Home Act H.R. 880 / S. 410, Wall Street Trading and Speculators Tax Act H.R. 886, Americas Small Business Tax Relief Act of 2013 H.R. 1202 / S. 547 / S. 1436, One Percent Spending Reduction Act of 2013 H.R. 2546 / S. 1257, Protect American Investments Act of 2013 S. 18, Sequester Replacement and Spending Reduction Act of 2013 S. 193, Startup Innovation Credit Act of 2013 S. 250, Corporate Tax Dodging Prevention Act S. 268, CUT Loopholes Act S. 277, Job Prevention and Economic Certainty Act of 2013 S. 278, Job Preservation and Sequester Replacement Act of 2013 S. 388, American Family Economic Protection Act of 2013 S. 1364, Digital Goods and Services Tax Fairness Act of 2013 S. 1533, Stop Tax Haven Abuse Act, including provisions relating to proposed tax increases on multinationals H. J. Res. 59, Continuing Appropriations Resolution, 2014, including provisions relating to proposed tax increases Potential legislation similar to H.R. 1860, Digital Goods and Services Tax Fairness of 2011 Various issues relating to the fiscal cliff, tax reform, entitlement reform and sequestration; the implementation of Middle Class Tax Relief and Job Creation Act of 2012 (P.L. 112-96); Chairman Paul Ryan's FY13 Budget Proposal; R&D tax credit; tax extenders; S-Corp tax provisions; deferral tax provisions; international competiveness of corporate tax rates; exemptions for active financing income; comprehensive tax reform, including House Ways and Means Committee working drafts; Chairmen Baucus and Camps blank slate approach to comprehensive tax reform; 1099K regulations; House Judiciary Committee Principles on Internet Sales Tax

H.R. 148, DISCLOSE 2013 Act H.R. 450, Bureau of Consumer Financial Protection Accountability Act H.R. 634, Business Risk Mitigation and Price Stabilization Act of 2013 H.R. 677, Inter-Affiliate Swap Clarification Act H.R. 701, To amend a provision of the Securities Act of 1933 directing the Securities and Exchange Commission to add a particular class of securities to those exempted under such Act to provide a deadline for such action H.R. 719, Capital Access for Small Businesses and Jobs Act H.R. 742, Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 H.R. 949, Invest in American Jobs Act of 2013 H.R. 992 / S. 474, Swaps Regulatory Improvement Act H.R. 1038, Public Power Risk Management Act of 2013 H.R. 1062, SEC Regulatory Accountability Act H.R. 1105, Small Business Capital Access and Job Preservation Act H.R. 1106 / S. 550, Small Business Investment Company Modernization Act of 2013 H.R. 1135, Burdensome Data Collection Relief Act H.R. 1221, Basel III Capital Impact Study Act H.R. 1256, Swap Jurisdiction Certainty Act H.R. 1341, Financial Competitive Act of 2013 H.R. 1564, Audit Integrity and Jobs Protection Act H.R. 2122, Regulatory Accountability Act of 2013 H.R. 2374, Retail Investor Protection Act H.R. 2546 / S. 1257, Protect American Investments Act of 2013 H.R. 2733, Defending American Taxpayers From Abusive Government Takings Act of 2013 S. 737, Basel III Impact Study Act S. 888, A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934 S. 1029, Regulatory Accountability Act of 2013 Nomination of Richard Cordray as director of the CFPB Various issues relating to reforming the Consumer Financial Protection Bureau and the Securities Exchange Commission, including regulations regarding capital formation and capital markets; implementation of Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), including proposals to alter the derivatives provisions; implementation of Moving Ahead for Progress in the 21st Century Act (P.L. 112-140), including issues related to pension fund stabilization; regulation of money market mutual funds; the proposed Volcker Rule; the Commodity Futures Trading Commission's derivatives regulations; amendments to Rule 701 under the Securities Act of 1933; reconciliation of merchant card and third-party payments; transparent financial reporting; the Private Securities Litigation Act (P.L. 104-67); the Jumpstart our Business Startups Act (P.L. 112-106); oversight of proxy advisory firms; political spending disclosures

General tax issues related to mutual funds Domestic security or financial transaction tax proposals, including H.R. 880 and S. 410 (Wall Street Trading and Speculators Tax Act) and H.R. 1579 (Inclusive Prosperity Act of 2013) (see attached addendum page)Capital gains and dividend tax rates as they relate to mutual funds Proposals to protect securities transactions in the U.S. from enforcement of certain excise taxes imposed by any foreign government (imposition of foreign financial transaction tax in the U.S.), including S. 1257 and H.R. 2546 (Protect American Investments Act of 2013) Issues related to tax incentives for retirement savings Issues related to limitations on exclusion of municipal bond interest Issues related to fundamental tax reform Issues related to taxation of derivatives Issues related to basis reporting for stock, bond, and money market funds

Client expense: $430,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

S. 1257 - Protect American Investments Act of 2013 (Roberts) H.R. 880 - Wall Street Trading and Speculators Tax Act (DeFazio) H.R. 2546 - Protect American Investments Act of 2013 (Price) H. Res. 112 - House Resolution on Municipal Bonds (Terry)H.R. 1554 - Stop Tax Haven Abuse Act (Doggett) Section 871(k) Flow-through of Certain Dividends Annual Contribution Limits for Retirement Plans Foreign Account Tax Compliance Act International Regulated Investment Companies Tax-Exemption for Municipal Bonds Financial Transaction Tax Tax Treatment of Financial Products (Camp) 28% Limit on Tax Deductions and Exemptions RIC Modernization Act Technical Corrections S. 313 - ABLE Act of 2013 (Casey) S. 268 - CUT Loopholes Act (Levin) S. 410 - Wall Street Trading And Speculators Tax Act (Harkin) S. 606 - Shrinking Emergency Account Losses Act (Nelson) S. 1533 - Stop Tax Haven Abuse Act (Levin)

Client expense: $1,472,087 · Firm income: Not reported

HR 2546 - Protect American Investments Act S. 1257 - Protect American Investments Act

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2546; S. 1257 - Discussed the issue of corporate tax reform; discussed proposals to extend the active finance exception to Subpart F; discussed Financial Transaction Tax proposals; discussed proposals to reform the taxation of financial products.

Client expense: $1,270,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Defense, Dept of (DOD), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

S. 410 - Wall Street Trading and Speculators Tax Act (Harkin) S. 1257 - To Protect Securities Transactions in the U.S. from Enforcement of Certain Excise Taxes Imposed by any Foreign Government (Roberts) H.R. 880 - Wall Street Trading and Speculators Tax Act (DeFazio)S. 268 - CUT Loopholes Act (Levin) S. 606 - Shrinking Emergency Account Losses Act (Nelson) H.R. 2546 - To Protect Securities Transactions in the U.S. from Enforcement of Certian Excise Taxes Imposed by any Foreign Government (Price) H. Res. 112 - House Resolution on Municipal Bonds (Terry) Section 871(k) Flow-through of Certain Dividends Annual Contribution Limits for Retirement Plans Foreign Account Tax Compliance Act International Regulated Investment Companies Tax-Exemption for Municipal Bonds Financial Transaction Tax Tax Treatment of Financial Products (Camp) 28% Limit on Tax Deductions and Exemptions RIC Modernization Act Technical Corrections ABLE Act (Burr) S. 313 ABLE Act of 2013 (Casey)

Client expense: $1,382,625 · Firm income: Not reported

H.R. 1579 The Inclusive Prosperity Act; entire bill H.R. 2035 - Automatic IRA Act of 2013; entire bill H.R. 2546 Protect American Investments Act of 2013; entire billS. 277 Job Preservation and Economic Certainty Act of 2013; provisions relating to imposition of financial crisis responsibility fee and financial transaction tax S. 410 Wall Street Trading and Speculators Tax Act; entire bill S. 1257 - To protect financial transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes; entire bill Tax reform: Life insurers and insurance product taxation, property casualty insurance taxation, savings incentives (both qualified and non-qualified), long-term capital investment, municipal bond interest exclusion, corporate tax rate, employee benefits, and need for workable transition and compliance rules Not yet introduced: House Ways and Means draft proposal for modifying the tax treatment of financial products and impact on life insurance companies, mutual funds, and retail investors Independent contractor reform proposal and impact on independent financial advisers working within the securities industry FATCA: Implementation and global competitive considerations European FTTs and transborder collection obligation on US broker dealers FY 2014 White House budget proposals, including provisions affecting life company and life product taxation, independent contractor, cutback on exclusions for qualified plan contributions and IRAs, employer-provided health benefits, and municipal interest exclusions

Client expense: $370,000 · Firm income: Not reported

Capital gains and dividend tax rates as they relate to mutual funds Domestic security or financial transaction tax proposals, including H.R. 880 and S. 410 (Wall Street Trading and Speculators Tax Act) and H.R. 1579 (Inclusive Prosperity Act of 2013) (see attached addendum page)General tax issues related to mutual funds Proposals to protect securities transactions in the U.S. from enforcement of certain excise taxes imposed by any foreign government (imposition of foreign financial transaction tax in the U.S.), including S. 1257 and H.R. 2546 (Protect American Investments Act of 2013) Issues related to tax incentives for retirement savings Issues related to limitations on exclusion of municipal bond interest Issues related to fundamental tax reform Issues related to taxation of derivatives Issues related to basis reporting for stock, bond, and money market funds

Client expense: $490,000 · Firm income: Not reported

HR 2546 - Protect American Investment Act of 2013 S. 1257 - Protect American Investment Act of 2013

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE