VANGUARD GROUP for VANGUARD GROUP

Taxation/Internal Revenue Code TAX

General tax issues related to mutual funds Tax Hike Prevention & Business Certainty Act, H.R. 3091 and S. 1647 Capital gains and dividend tax rates as they relate to mutual funds (see attached addendum sheet) Transaction tax proposals Tax rules regarding mutual fund investments in commodities Tax treatment of exchange traded notes

Contacted: Securities & Exchange Commission (SEC); Commodity Futures Trading Commission (CFTC); SENATE; Federal Deposit Insurance Corporation (FDIC); HOUSE OF REPRESENTATIVES; Pension Benefit Guaranty Corporation (PBGC); Government Accountability Office (GAO); Labor, Dept of (DOL)

Bills named: S. 1647 (112th), H.R. 3091 (112th)

Financial Institutions/Investments/Securities FIN

H.R. 4173 and issues related to Dodd-Frank Wall Street Reform and Consumer Protection Act implementation and regulations derivatives, systemic risk, and Orderly Liquidation Authority, SIFI Rules Issues related to swap execution facility trading and reporting (see attached addendum sheet) Issues related to systemic risk regulation Issues related to definition of major swap participants Issues related to nature of collateral for cleared swaps Issues related to systemic risk regulation Issues related to market structure matters Issues related to target date mutual funds Issues related to investment advice Issues related to municipal disclosure Issues related to Basel III and Volcker rules Issues related to the supervision and regulation of certain (systemically important) nonbank financial institutions Issues related to the Financial Stability Oversight Council and mutual funds Issues related to legislation and regulations affecting mutual funds and the mutual fund industry Proposals related to money market funds (e.g. floating net asset value, liquidity protection, alternative regulatory approaches) Issues related to securities transactions and holdings Issues related to financial service institutions and industry Issues related to standards for audited financial statement reports, auditor independence and audit firm rotation (PCAOB) Issues regarding prohibition against conflicts of interest in certain securitizations Issues relating to exchange traded funds

Contacted: Securities & Exchange Commission (SEC); Pension Benefit Guaranty Corporation (PBGC); Government Accountability Office (GAO); HOUSE OF REPRESENTATIVES; Labor, Dept of (DOL); SENATE; Commodity Futures Trading Commission (CFTC); Federal Deposit Insurance Corporation (FDIC)

Bills named: H.R. 4173 (112th)

Retirement RET

Proposals related to expansion of SIMPLE IRAs, establishment of discretionary payroll deduction IRAs, and creation of new qualified retirement plans for small business, including H.R.1534, Small Businesses Add Value for Employees Act (see attached addendum page) Proposal related to stemming leakage from retirement plans through reform of plan loan rules, including, S.1121/H.R. 3287- Savings Enhancement by Alleviating Leakage in 401(k) Savings Act Issues related to retirement target date funds Issues related to tax incentives for retirement savings Issues related to the effect of the Department of Labors proposed fiduciary definition regulation Issues related to stable value funds in retirement plans Issues related to securities lending in retirement funds 401(k) fee disclosures 401(k) investment advice Issues related to electronic delivery of employee plan notices and statements Proposals to simplify retirement plan administration

Contacted: Pension Benefit Guaranty Corporation (PBGC); HOUSE OF REPRESENTATIVES; Labor, Dept of (DOL); Commodity Futures Trading Commission (CFTC); Securities & Exchange Commission (SEC); SENATE; Federal Deposit Insurance Corporation (FDIC); Government Accountability Office (GAO)

Bills named: H.R. 1534 (112th), S. 1121 (112th), H.R. 3287 (112th)