40
Thomas S. Ellis, III, Rembrandt v. Facebook 13-cv-00158-TSE-TRJ (E.D. Va.) Financial Disclosure, 2010 Facebook "Dark Pools" No. of Fund Entries: 21 Value/Income: ≤ $13.9 million Alpha No. Facebook "dark pools" fund J - $0-15,000 K - $15,001-50,000 L - $50,001-100,000 M - $100,001-250,000 N - $250,001-500,000 O - $500,001-1,000,000 P1 - $1,000,001-5,000,000 P2 - $5 000,000-25,000 000 P3 - 425 000 001-50 000,000 P4 - 450 000 000+ Income and Value J K L M N O P1 P2 P3 P4 1 AIM Global Rea Est Fd CL Y (IRA) 15,000 $ $15,000 2 AIM Global Rea Est Fd CL Y (IRA) 15,000 $ $15,000 3 American Centy Mut Fds Amer Centy Vista 15,000 $ $15,000 4 Artio Global Invt Fds Int'l Equity F II CL I (IRA) 15,000 $ $15,000 5 Artio Int'l Equity Fd CL I (IRA) 15,000 $ $15,000 6 Artio Int'l Equity Fd CL I (IRA) 15,000 $ $15,000 7 Blackrock Fds Int'l Opp Instl CL B BROIX) (IRA) 1 15,000 $ $15,000 8 Blackrock Fds Int'l Opp Instl CL B BROIX) (IRA) 1 15,000 $ $15,000 9 Blackrock Large Cap Ser Fds Core F 1 15,000 $ $15,000 10 Blackrock Large Cap Ser Fds Core F 1 15,000 $ $15,000 11 Blackrock Lg Cap Core Fd (IRA) 1 15,000 $ $15,000 12 Blackrock Lg Cap Core Fd (IRA) 1 15,000 $ $15,000 13 Blair William FDS Intl Growth Fd CL I 15,000 $ $15,000 14 Blair William FDS Intl Growth Fd CL I 15,000 $ $15,000 15 Blair William FDS Intl Growth Fd CL I 15,000 $ $15,000 16 Brandywine Blue Fd Inc 15,000 $ $15,000 17 Cambiar Opp Fd (IRA) 15,000 $ $15,000 18 Cambiar Opp Fd (IRA) 15,000 $ $15,000 19 Cambiar Opp Fd (IRA) 15,000 $ $15,000 20 Delaware Gro Advisot Fds Inc U Growth Poirt Instl CL (IRA) 15,000 $ $15,000 21 Delaware Gro Advisot Fds Inc U Growth Poirt Instl CL (IRA) 15,000 $ $15,000 22 Diamond Hill Sm Cap Fd A 15,000 $ $15,000 23 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15,000 $ $15,000 24 Dreyfus Appreciation FC Inc (DGAGX) (IRA 15,000 $ $15,000 25 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15,000 $ $15,000 26 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15,000 $ $15,000 27 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15,000 $ $15,000 28 DWS Dreman Sm Cap Value CL 15,000 $ $15,000 29 DWS Dreman Sm Cap Value CL 15,000 $ $15,000 30 DWS Value Ser Inc Small Cap Value Fd CL S (IRA) 15,000 $ $15,000 31 Goldman Sachs Finl Sq Mmkt I st'l (IRA) 1 15,000 $ $15,000 32 Goldman Sachs Finl Sq Mmkt I st'l (IRA) 1 15,000 $ $15,000 33 Goldman Sachs Finl Sq Mmkt nst'l (IRA) 1 15,000 $ $15,000 34 Goldman Sachs Tr Finl Sq Mm t I (IRA) 1 15,000 $ $15,000 35 Goldman Sachs Tr Finl Sq Mmkt I (IRA) 1 15,000 $ $15,000 36 Goldman Sachs Tr Finl Sq Mmkt I (IRA) 1 15,000 $ $15,000 37 Goldman Sachs Tr Finl Sq Mmkt I (IRA) 1 15,000 $ $15,000 Funds that do not qualify under the "safe harbor" mutual fund exemption from disclosure rule include: (1) most IRAs; (2) funds that issue regular reports where the judge knows or should know the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook investing); (4) undisclosed purchases of "dark" instruments which conceal activity subject to transparency laws; (5) law firm 401(k) retirement accounts; (6) funds where stocks are held in the judge's (or spouse) name —"even one share"; and (7) funds where there is an appearance of impropriety. Guide to Judiciary Policy, Ethics & Judicial Conduct, Vol. 2B, Ch. 2, esp. see Section 106. http://www.uscourts.gov/uscourt s/RulesAndPolicies/conduct/Vol02 B-Ch02.pdf e.g., T.RowePrice bought 5.2% of Facebook stock after S.E.C. exemption (Source: S-1) 0 5 10 15 20 25 T. Rowe Price Blackrock Oppenheimer Morgan Stanley Security EG (Guggenheim) Total "Dark Pools" Thomas S. Ellis, III, Rembrandt Social Media, LP v. Facebook, Inc. et. al. 13-cv-00158-TSE-TRJ (E.D. Va.) Financial Disclosure, 2010 Facebook "Dark Pools" Holdings Page 1 of 3

Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

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Page 1: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Thomas S Ellis III Rembrandt v Facebook

13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010

Facebook Dark PoolsNo of Fund Entries 21

ValueIncome le $139 million

Alpha No Face

book

da

rk p

ools

fu

nd

J - $

0-15

000

K - $

150

01-5

000

0

L - $

500

01-1

000

00

M -

$100

001

-250

000

N -

$250

001

-500

000

O -

$500

001

-10

000

00

P1 -

$10

000

01-5

000

000

P2 -

$500

000

0-25

000

000

P3 -

425

000

001-

5000

000

0

P4 -

450

000

000+

Income and Value J K L M N O P1 P2 P3 P4

1 AIM Global Rea Est Fd CL Y (IRA) 15000$ $15000

2 AIM Global Rea Est Fd CL Y (IRA) 15000$ $15000

3 American Centy Mut Fds Amer Centy Vista 15000$ $15000

4 Artio Global Invt Fds Intl Equity F II CL I (IRA) 15000$ $15000

5 Artio Intl Equity Fd CL I (IRA) 15000$ $15000

6 Artio Intl Equity Fd CL I (IRA) 15000$ $15000

7 Blackrock Fds Intl Opp Instl CL B BROIX) (IRA) 1 15000$ $15000

8 Blackrock Fds Intl Opp Instl CL B BROIX) (IRA) 1 15000$ $15000

9 Blackrock Large Cap Ser Fds Core F 1 15000$ $15000

10 Blackrock Large Cap Ser Fds Core F 1 15000$ $15000

11 Blackrock Lg Cap Core Fd (IRA) 1 15000$ $15000

12 Blackrock Lg Cap Core Fd (IRA) 1 15000$ $15000

13 Blair William FDS Intl Growth Fd CL I 15000$ $15000

14 Blair William FDS Intl Growth Fd CL I 15000$ $15000

15 Blair William FDS Intl Growth Fd CL I 15000$ $15000

16 Brandywine Blue Fd Inc 15000$ $15000

17 Cambiar Opp Fd (IRA) 15000$ $15000

18 Cambiar Opp Fd (IRA) 15000$ $15000

19 Cambiar Opp Fd (IRA) 15000$ $15000

20 Delaware Gro Advisot Fds Inc U Growth Poirt Instl CL (IRA) 15000$ $15000

21 Delaware Gro Advisot Fds Inc U Growth Poirt Instl CL (IRA) 15000$ $15000

22 Diamond Hill Sm Cap Fd A 15000$ $15000

23 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15000$ $15000

24 Dreyfus Appreciation FC Inc (DGAGX) (IRA 15000$ $15000

25 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15000$ $15000

26 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15000$ $15000

27 Dreyfus Appreciation FC Inc (DGAGX) (IRA) 15000$ $15000

28 DWS Dreman Sm Cap Value CL 15000$ $15000

29 DWS Dreman Sm Cap Value CL 15000$ $15000

30 DWS Value Ser Inc Small Cap Value Fd CL S (IRA) 15000$ $15000

31 Goldman Sachs Finl Sq Mmkt I stl (IRA) 1 15000$ $15000

32 Goldman Sachs Finl Sq Mmkt I stl (IRA) 1 15000$ $15000

33 Goldman Sachs Finl Sq Mmkt nstl (IRA) 1 15000$ $15000

34 Goldman Sachs Tr Finl Sq Mm t I (IRA) 1 15000$ $15000

35 Goldman Sachs Tr Finl Sq Mmkt I (IRA) 1 15000$ $15000

36 Goldman Sachs Tr Finl Sq Mmkt I (IRA) 1 15000$ $15000

37 Goldman Sachs Tr Finl Sq Mmkt I (IRA) 1 15000$ $15000

Funds that do not qualify under the safe harbor mutual fund exemption from disclosure rule include (1) most IRAs (2) funds that issue regular reports where the judge knows or should know the stocks in his portfolio (3) funds with notorious activity (like TRowePrice and Fidelity pre-IPO Facebook investing) (4) undisclosed purchases of dark instruments which conceal activity subject to transparency laws (5) law firm 401(k) retirement accounts (6) funds where stocks are held in the judges (or spouse) name mdasheven one share and (7) funds where there is an appearance of impropriety

Guide to Judiciary Policy Ethics amp Judicial Conduct Vol 2B Ch 2 esp see Section 106 httpwwwuscourtsgovuscourtsRulesAndPoliciesconductVol02B-Ch02pdf

eg TRowePrice bought 52 of Facebook stock after SEC exemption (Source S-1)

0 5 10 15 20 25

T Rowe Price

Blackrock

Oppenheimer

Morgan Stanley

Security EG (Guggenheim)

Total Dark Pools

Thomas S Ellis III Rembrandt Social Media LP v Facebook Inc et al 13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010 Facebook Dark Pools Holdings

Page 1 of 3

Thomas S Ellis III Rembrandt v Facebook

13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010

Facebook Dark PoolsNo of Fund Entries 21

ValueIncome le $139 million

Alpha No Face

book

da

rk p

ools

fu

nd

J - $

0-15

000

K - $

150

01-5

000

0

L - $

500

01-1

000

00

M -

$100

001

-250

000

N -

$250

001

-500

000

O -

$500

001

-10

000

00

P1 -

$10

000

01-5

000

000

P2 -

$500

000

0-25

000

000

P3 -

425

000

001-

5000

000

0

P4 -

450

000

000+

Income and Value J K L M N O P1 P2 P3 P4

eg TRowePrice bought 52 of Facebook stock after SEC exemption (Source S-1)

38 Harbor Intl Instl CL (IRA) 15000$ $15000

39 Harbor Intl Instl CL (IRA) 15000$ $15000

40 Harbor Intl Instl CL (IRA) 15000$ $15000

41 Hotchkiss amp Wiley Fds Mid Cap Value I (IRA) 15000$ $15000

42 Hotchkiss amp Wiley Mid Cap Value I (IRA) 15000$ $15000

43 Hotchkiss amp Wiley Mid Cap Value I (IRA) 15000$ $15000

44 John Hancock Classic Value Fd CL I (IRA) 15000$ $15000

45 John Hancock Classic Value Fd CL I (IRA) 15000$ $15000

46 John Hancock Classic Value Fd CL I (IRA) 15000$ $15000

47 Legg Mason Value Tr Inc Nav Value Trust (IRA) 15000$ $15000

48 Legg Mason Value Trust (IRA) 15000$ $15000

49 Legg Mason Value Trust ( RA) 15000$ $15000

50 Managers Times Sq MC GRW-PR (IRA) 15000$ $15000

51 Morgan Stanley Instl Fd r Mid Cap Growth Port I (MPEGX) (IRA) 1 15000$ $15000

52 Morgan Stanley Instl Fd Tr Mid Cap Growth Port I (MPEGX) (IRA) 1 15000$ $15000

53 Morgan Stanley Instl Fd Trust Mid Cap Grwth Port CL 1 (IRA) 1 15000$ $15000

54 Morgan Stanley Instl Fd Trust Mid Cap Grwth Port CL 1 (IRA) 1 15000$ $15000

55 Openheimer Instl Fd Trust Mid Cap Grwth Port CL I (IRA) 1 15000$ $15000

56 Opennheimer Int Growth Fd CL Y (IRA) 1 15000$ $15000

57 Opennheimer In l Growth Fd CL Y (IRA) 1 15000$ $15000

58 Oppenhemier Dev Mkts CL Y (IRA) 1 15000$ $15000

59 Oppenhemier Dev Mkts CL Y (IRA) 1 15000$ $15000

60 Park Ave Portf lio RS Emerg Mkts Fd CLA (IRA) 15000$ $15000

61 Park Ave Port olio RS Emerg Mkts Fd CLA (IRA) 15000$ $15000

62 Pimco Fds PAC Int Mgmt Ser Comm Real Ret Strdt Instll CL (PTTRX) (IRA) 15000$ $15000

63 Pimco Fds PAC Int Mgmt Ser Comm Real Ret Strdt Instll CL (PTTRX) (IRA) 15000$ $15000

64 PIMCO Fds PAC Invt Mgmt Ser-Comm 15000$ $15000

65 Quantitative Grp Fds Foreign Value Fd Ord SHS (IRA) 15000$ $15000

66 Quantitative Grp Fds Foreign Value Fd Ord SHS (IRA) 15000$ $15000

67 RS Invt TR Emerging Mkts FD CL Y (IRA) 15000$ $15000

68 RS Invt TR Emerging Mkts FD CL Y (IRA) 15000$ $15000

69 RS Invt TR merging Mkts FD CL Y (IRA) 15000$ $15000

70 Security EQ Fd Mid Cap Value Ser CLA (SEVSX) (IRA) 1 15000$ $15000

71 Security EQ Fd Mid Cap Value Ser CLA (SEVSX) (IRA) 1 15000$ $15000

72 Security EQ Fd Mid Cap Value Ser CLA (SEVSX) (IRA) 1 15000$ $15000

73 Sensor 15000$ $15000

Page 2 of 3

Thomas S Ellis III Rembrandt v Facebook

13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010

Facebook Dark PoolsNo of Fund Entries 21

ValueIncome le $139 million

Alpha No Face

book

da

rk p

ools

fu

nd

J - $

0-15

000

K - $

150

01-5

000

0

L - $

500

01-1

000

00

M -

$100

001

-250

000

N -

$250

001

-500

000

O -

$500

001

-10

000

00

P1 -

$10

000

01-5

000

000

P2 -

$500

000

0-25

000

000

P3 -

425

000

001-

5000

000

0

P4 -

450

000

000+

Income and Value J K L M N O P1 P2 P3 P4

eg TRowePrice bought 52 of Facebook stock after SEC exemption (Source S-1)

74 Sentinel Mut Fds Small Co CL I (IRA) 15000$ $15000

75 Sentinel Mut Fds Small Co CL I (IRA) 15000$ $15000

76 T Rowe P ice Mid Cap Growth Fd (RPMGX) (IRA) 1 15000$ $15000

77 T Rowe P ice Mid Cap Growth Fd (RPMGX) (IRA) 1 15000$ $15000

78 Touchstone Large Cap Growth Fd CL I (TEQAX) (IRA) 1 15000$ $15000

79 Touchstone Large Cap Growth Fd CL I (TEQAX) (IRA) 1 15000$ $15000

80 Wachov a Bank Accts 50000$ $50000

81 Wells Fa go Adv End SL-I 15000$ $15000

82 Wells Fa go Adv End SL-I 15000$ $15000

83 Wells Fa go Fds Tr Small Cap Growth Fd Admin CL (IRA) 15000$ $15000

69 Wells Fa go Fds Tr Small Cap Growth Fd Admin CL (IRA) 15000$ $15000

Subtotal 29 1245000$ 50000$ -$ -$ -$ -$ -$ $1295000

Cumulative 1245000$ 1295000$ 1295000$ 1295000$ 1295000$ 1295000$ 1295000$

Summary of Facebook Club Basket Funds No Amt Invested (up to)

T Rowe Price 4 $60000

Blackrock 6 $90000

Oppenheimer 4 $60000

Morgan Stanley 4 $60000

Security EG (Guggenheim) 3 $45000

Total Dark Pools 21 $315000

NOTORIOUSLY PUBLIC INVESTMENTS REQUIRING DISCLOSURETRowe Price T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 http onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442

Fidelity Fidelity s Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 http wwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtml

0 5 10 15 20 25

T Rowe Price

Blackrock

Oppenheimer

Morgan S anley

Security EG (Guggenheim)

Total Dark Pools

Thomas S Ellis III Rembrandt Social Media LP v Facebook Inc et al 13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010 Facebook Dark Pools Holdings

T Rowe Price Associates Inc (20) Facebook S-1 Registration

Shares Beneficially Owned Prior to this Offering p 129 fn 20

(2) Consists of (i) 6033630 shares of Class A common stock held of record by 81 funds and accounts advised or sub-advised by T Rowe Price Associates Inc and (ii) 12158743 shares of Class B common stock held of record by 77 funds and accounts advised or sub-advised by T Rowe Price Associates Inc T Rowe Price Associates Inc serves as investment adviser with power to direct investments andor sole power to vote the securities owned by these funds and accounts T Rowe Price Associates Inc may be deemed to be the beneficial owner of all the shares listed T Rowe Price Associates Inc is the wholly owned subsidiary of T Rowe Price Group Inc which is a publicly traded financial services holding company The address for T Rowe Price Associates Inc is 100 East Pratt Street Baltimore MD 21202

Page 3 of 3

Funds that do not qualify under the

safe harbor mutual fund exemption

from disclosure rule include

(1) most IRAs

(2) funds that issue regular reports where the judge knows

or should know the stocks in his portfolio

(3) funds with notoriously public activity (eg T Rowe

Price and Fidelity pre-IPO Facebook investing)

(4) undisclosed purchases of dark instruments which

conceal activity subject to transparency laws

(5) law firm 401(k) retirement accounts

(6) funds where stocks are held in the judges (or spouse)

name mdasheven one share and

(7) funds where there is an appearance of impropriety

Sources

Guide to Judiciary Policy Ethics amp Judicial Conduct Vol 2B Ch 2 see esp

Section 106 US Courts United States Department of Justice

lthttpwwwuscourtsgovuscourtsRulesAndPoliciesconductVol02B-

Ch02pdfgt

See also

lthttpsdocsgooglecomfiled0B2SfG2nEsMfqSVQ4dFUyWGNHS0Eeditgt

and lthttpwwwscribdcomdoc199638078Guide-to-Judiciary-Policy-Vol-

02-Ethics-and-Judicial-Conduct-Part-B-Ethics-Advisory-Opinions-Ch-02-

Published-Advisory-Opinions-acesssed-Jangt

11114 T Rowe Price Invests in Facebook - WSJcom

onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442printMode 12

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TECHNOLOGY

T Rowe Price Invests in Facebook

Updated April 16 2011 1201 am ET

Mutual-fund company T Rowe Price Group Inc has invested in Facebook Inc according to recently

released filings underscoring traditional investment vehicles growing interest in hot technology companies

T Rowe invested a total of $1905 million in the social-

networking giant paying $25 a share for stock it distributed across nearly 20 funds according to the filings It

isnt immediately clear what value that puts on Facebook

The Baltimore-based mutual-fund company also disclosed an investment of $718 million in Zynga Inc and a

total stake of about $354 million in Angies List

T Rowe has been more aggressive than most of its mutual-fund peers in building exposure to young

technology companies The investments carry extra risk because the shares arent yet publicly traded and

can be illiquid Meanwhile a rush of interest in the companies has pumped up the companies valuations

even as they disclose little or no financial data

The investments however are a drop in the bucket for T

Rowe which is trying to manage that risk by keeping the

investments to a small percentage of each funds holdings

None of the funds has even a full percent of its holdings tied

up in Facebook for example T Rowe had $482 billion in

assets under management as of the end of 2010

Investors have been scrambling for a stake in Facebook

which is just seven years old and doesnt publicly report its

financial results In January Facebook was valued at $50

billion in a deal that raised $15 billion from investors such as

Goldman Sachs Group Inc and Russian investment firm

Digital Sky Technologies as well as some of Goldmans non-US clientsT Rowe has long taken aim at new

companies Its New Horizons Fund which doesnt currently have a stake in Facebook but has invested in

companies like Twitter Inc and Angies List is the third-oldest fund at the firm Born in 1960 the fund is

known for making longer-term investments in companies at their early stages including early investments in

Starbucks Corp and Wal-Mart Stores Inc Other T Rowe funds were early investors in Google Inc The fund

has had a return of 3467 in the 2010 calendar year according to Morningstar Inc

T Row e Price has invested millions in Facebook

underscoring traditional investment vehicles grow ing

interest in hot technology companies Mary Pilon joins

digits to discuss

By MARY PILON

11114 T Rove Price Imests in Facebook- VlSJcom

Recent trades on markets that allow investors to buy and sell shares in private companies have put a market

value of around $75 billion on the company

The Facebook investment complements other tech holdings at the firm including a 2009 stake in Twitter and

an investment in Groupon Inc made late last year In 2007 T Rowe made an initial investment in Ning and in

2010 invested in YouKucom

Among the T Rowe funds now invested in Facebook are the Science amp Technology Fund New America

Growth Fund Media amp Telecommunications Fund as well as broader funds including the Balanced Fund

Global Stock Fund and the Blue Chip Growth Fund T Rowes funds now have a total investment of $868

million in Groupon $666 million in Twitter and $1147 million in YouKucom according to the filings

T Rowe declined to comment on how the Facebook shares were purchased A Facebook spokesman

declined to comment

Geoffrey Fower contributed to this article

Corrections amp Amplifications

An earlier version of this online article incorrectly said T Rowe Price invested $554 million in Facebook and

$22 million in Angies List The firm invested $1905 million and $354 million respectively in the two

companies

Write to Mary Pilon at marypilonwsLcom

Copyright 2013 Dow Jones amp Company Inc All Rights Reserved This copy is for your personal non-commercial use only Distribution and use of this material are governed by our Sub9riber Agreement and by

copyright law For non-personal use or to order multiple copies please contact Dow Jones Reprints at 1-800-843-0008 or visit wwwdjreprintscom

onlinewsjcorrvnewsarticiesSB1000142405274870449500457626473014991 0442pri ntM ode 212

11114 Fidelitys Danoff Bets on F acebook Zyng a - BloorrtJerg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 8yMilesWeiss-Jun 1 2011

William Danoff the manager of Fidelity Investments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the US Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since September 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

Weare seeing m ore of these fund com panies em brace and adopt social media as som ething they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner of the worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund (FCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

WNWbloorrtJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 12

11114 Fidelitys Danoff Bets on Facebook Zynga - Bloorrberg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 11) M iJes Weiss - JlIn 120 I I

William Danoff the manager of Fidelity I nvestments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the us Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since Septem ber 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

We are seeing more ofthese fund companies embrace and adopt social media as something they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner ofthe worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund CFCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

JWIIINbloorrberg comnewspri ntl2011-06-01 lfidelity-s-danoff-bels-on-facebook-zyng a hlml 12

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

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or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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to wait for the postal service

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

Earnings Releases

Creditor Information

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Contacts

FAQs

Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

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Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 2: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Thomas S Ellis III Rembrandt v Facebook

13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010

Facebook Dark PoolsNo of Fund Entries 21

ValueIncome le $139 million

Alpha No Face

book

da

rk p

ools

fu

nd

J - $

0-15

000

K - $

150

01-5

000

0

L - $

500

01-1

000

00

M -

$100

001

-250

000

N -

$250

001

-500

000

O -

$500

001

-10

000

00

P1 -

$10

000

01-5

000

000

P2 -

$500

000

0-25

000

000

P3 -

425

000

001-

5000

000

0

P4 -

450

000

000+

Income and Value J K L M N O P1 P2 P3 P4

eg TRowePrice bought 52 of Facebook stock after SEC exemption (Source S-1)

38 Harbor Intl Instl CL (IRA) 15000$ $15000

39 Harbor Intl Instl CL (IRA) 15000$ $15000

40 Harbor Intl Instl CL (IRA) 15000$ $15000

41 Hotchkiss amp Wiley Fds Mid Cap Value I (IRA) 15000$ $15000

42 Hotchkiss amp Wiley Mid Cap Value I (IRA) 15000$ $15000

43 Hotchkiss amp Wiley Mid Cap Value I (IRA) 15000$ $15000

44 John Hancock Classic Value Fd CL I (IRA) 15000$ $15000

45 John Hancock Classic Value Fd CL I (IRA) 15000$ $15000

46 John Hancock Classic Value Fd CL I (IRA) 15000$ $15000

47 Legg Mason Value Tr Inc Nav Value Trust (IRA) 15000$ $15000

48 Legg Mason Value Trust (IRA) 15000$ $15000

49 Legg Mason Value Trust ( RA) 15000$ $15000

50 Managers Times Sq MC GRW-PR (IRA) 15000$ $15000

51 Morgan Stanley Instl Fd r Mid Cap Growth Port I (MPEGX) (IRA) 1 15000$ $15000

52 Morgan Stanley Instl Fd Tr Mid Cap Growth Port I (MPEGX) (IRA) 1 15000$ $15000

53 Morgan Stanley Instl Fd Trust Mid Cap Grwth Port CL 1 (IRA) 1 15000$ $15000

54 Morgan Stanley Instl Fd Trust Mid Cap Grwth Port CL 1 (IRA) 1 15000$ $15000

55 Openheimer Instl Fd Trust Mid Cap Grwth Port CL I (IRA) 1 15000$ $15000

56 Opennheimer Int Growth Fd CL Y (IRA) 1 15000$ $15000

57 Opennheimer In l Growth Fd CL Y (IRA) 1 15000$ $15000

58 Oppenhemier Dev Mkts CL Y (IRA) 1 15000$ $15000

59 Oppenhemier Dev Mkts CL Y (IRA) 1 15000$ $15000

60 Park Ave Portf lio RS Emerg Mkts Fd CLA (IRA) 15000$ $15000

61 Park Ave Port olio RS Emerg Mkts Fd CLA (IRA) 15000$ $15000

62 Pimco Fds PAC Int Mgmt Ser Comm Real Ret Strdt Instll CL (PTTRX) (IRA) 15000$ $15000

63 Pimco Fds PAC Int Mgmt Ser Comm Real Ret Strdt Instll CL (PTTRX) (IRA) 15000$ $15000

64 PIMCO Fds PAC Invt Mgmt Ser-Comm 15000$ $15000

65 Quantitative Grp Fds Foreign Value Fd Ord SHS (IRA) 15000$ $15000

66 Quantitative Grp Fds Foreign Value Fd Ord SHS (IRA) 15000$ $15000

67 RS Invt TR Emerging Mkts FD CL Y (IRA) 15000$ $15000

68 RS Invt TR Emerging Mkts FD CL Y (IRA) 15000$ $15000

69 RS Invt TR merging Mkts FD CL Y (IRA) 15000$ $15000

70 Security EQ Fd Mid Cap Value Ser CLA (SEVSX) (IRA) 1 15000$ $15000

71 Security EQ Fd Mid Cap Value Ser CLA (SEVSX) (IRA) 1 15000$ $15000

72 Security EQ Fd Mid Cap Value Ser CLA (SEVSX) (IRA) 1 15000$ $15000

73 Sensor 15000$ $15000

Page 2 of 3

Thomas S Ellis III Rembrandt v Facebook

13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010

Facebook Dark PoolsNo of Fund Entries 21

ValueIncome le $139 million

Alpha No Face

book

da

rk p

ools

fu

nd

J - $

0-15

000

K - $

150

01-5

000

0

L - $

500

01-1

000

00

M -

$100

001

-250

000

N -

$250

001

-500

000

O -

$500

001

-10

000

00

P1 -

$10

000

01-5

000

000

P2 -

$500

000

0-25

000

000

P3 -

425

000

001-

5000

000

0

P4 -

450

000

000+

Income and Value J K L M N O P1 P2 P3 P4

eg TRowePrice bought 52 of Facebook stock after SEC exemption (Source S-1)

74 Sentinel Mut Fds Small Co CL I (IRA) 15000$ $15000

75 Sentinel Mut Fds Small Co CL I (IRA) 15000$ $15000

76 T Rowe P ice Mid Cap Growth Fd (RPMGX) (IRA) 1 15000$ $15000

77 T Rowe P ice Mid Cap Growth Fd (RPMGX) (IRA) 1 15000$ $15000

78 Touchstone Large Cap Growth Fd CL I (TEQAX) (IRA) 1 15000$ $15000

79 Touchstone Large Cap Growth Fd CL I (TEQAX) (IRA) 1 15000$ $15000

80 Wachov a Bank Accts 50000$ $50000

81 Wells Fa go Adv End SL-I 15000$ $15000

82 Wells Fa go Adv End SL-I 15000$ $15000

83 Wells Fa go Fds Tr Small Cap Growth Fd Admin CL (IRA) 15000$ $15000

69 Wells Fa go Fds Tr Small Cap Growth Fd Admin CL (IRA) 15000$ $15000

Subtotal 29 1245000$ 50000$ -$ -$ -$ -$ -$ $1295000

Cumulative 1245000$ 1295000$ 1295000$ 1295000$ 1295000$ 1295000$ 1295000$

Summary of Facebook Club Basket Funds No Amt Invested (up to)

T Rowe Price 4 $60000

Blackrock 6 $90000

Oppenheimer 4 $60000

Morgan Stanley 4 $60000

Security EG (Guggenheim) 3 $45000

Total Dark Pools 21 $315000

NOTORIOUSLY PUBLIC INVESTMENTS REQUIRING DISCLOSURETRowe Price T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 http onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442

Fidelity Fidelity s Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 http wwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtml

0 5 10 15 20 25

T Rowe Price

Blackrock

Oppenheimer

Morgan S anley

Security EG (Guggenheim)

Total Dark Pools

Thomas S Ellis III Rembrandt Social Media LP v Facebook Inc et al 13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010 Facebook Dark Pools Holdings

T Rowe Price Associates Inc (20) Facebook S-1 Registration

Shares Beneficially Owned Prior to this Offering p 129 fn 20

(2) Consists of (i) 6033630 shares of Class A common stock held of record by 81 funds and accounts advised or sub-advised by T Rowe Price Associates Inc and (ii) 12158743 shares of Class B common stock held of record by 77 funds and accounts advised or sub-advised by T Rowe Price Associates Inc T Rowe Price Associates Inc serves as investment adviser with power to direct investments andor sole power to vote the securities owned by these funds and accounts T Rowe Price Associates Inc may be deemed to be the beneficial owner of all the shares listed T Rowe Price Associates Inc is the wholly owned subsidiary of T Rowe Price Group Inc which is a publicly traded financial services holding company The address for T Rowe Price Associates Inc is 100 East Pratt Street Baltimore MD 21202

Page 3 of 3

Funds that do not qualify under the

safe harbor mutual fund exemption

from disclosure rule include

(1) most IRAs

(2) funds that issue regular reports where the judge knows

or should know the stocks in his portfolio

(3) funds with notoriously public activity (eg T Rowe

Price and Fidelity pre-IPO Facebook investing)

(4) undisclosed purchases of dark instruments which

conceal activity subject to transparency laws

(5) law firm 401(k) retirement accounts

(6) funds where stocks are held in the judges (or spouse)

name mdasheven one share and

(7) funds where there is an appearance of impropriety

Sources

Guide to Judiciary Policy Ethics amp Judicial Conduct Vol 2B Ch 2 see esp

Section 106 US Courts United States Department of Justice

lthttpwwwuscourtsgovuscourtsRulesAndPoliciesconductVol02B-

Ch02pdfgt

See also

lthttpsdocsgooglecomfiled0B2SfG2nEsMfqSVQ4dFUyWGNHS0Eeditgt

and lthttpwwwscribdcomdoc199638078Guide-to-Judiciary-Policy-Vol-

02-Ethics-and-Judicial-Conduct-Part-B-Ethics-Advisory-Opinions-Ch-02-

Published-Advisory-Opinions-acesssed-Jangt

11114 T Rowe Price Invests in Facebook - WSJcom

onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442printMode 12

See a sample reprint in PDF

format

Dow Jones Reprints This copy is for your personal non-commercial use only To order presentation-ready copies for distribution to your colleagues

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Order a reprint of this article now

TECHNOLOGY

T Rowe Price Invests in Facebook

Updated April 16 2011 1201 am ET

Mutual-fund company T Rowe Price Group Inc has invested in Facebook Inc according to recently

released filings underscoring traditional investment vehicles growing interest in hot technology companies

T Rowe invested a total of $1905 million in the social-

networking giant paying $25 a share for stock it distributed across nearly 20 funds according to the filings It

isnt immediately clear what value that puts on Facebook

The Baltimore-based mutual-fund company also disclosed an investment of $718 million in Zynga Inc and a

total stake of about $354 million in Angies List

T Rowe has been more aggressive than most of its mutual-fund peers in building exposure to young

technology companies The investments carry extra risk because the shares arent yet publicly traded and

can be illiquid Meanwhile a rush of interest in the companies has pumped up the companies valuations

even as they disclose little or no financial data

The investments however are a drop in the bucket for T

Rowe which is trying to manage that risk by keeping the

investments to a small percentage of each funds holdings

None of the funds has even a full percent of its holdings tied

up in Facebook for example T Rowe had $482 billion in

assets under management as of the end of 2010

Investors have been scrambling for a stake in Facebook

which is just seven years old and doesnt publicly report its

financial results In January Facebook was valued at $50

billion in a deal that raised $15 billion from investors such as

Goldman Sachs Group Inc and Russian investment firm

Digital Sky Technologies as well as some of Goldmans non-US clientsT Rowe has long taken aim at new

companies Its New Horizons Fund which doesnt currently have a stake in Facebook but has invested in

companies like Twitter Inc and Angies List is the third-oldest fund at the firm Born in 1960 the fund is

known for making longer-term investments in companies at their early stages including early investments in

Starbucks Corp and Wal-Mart Stores Inc Other T Rowe funds were early investors in Google Inc The fund

has had a return of 3467 in the 2010 calendar year according to Morningstar Inc

T Row e Price has invested millions in Facebook

underscoring traditional investment vehicles grow ing

interest in hot technology companies Mary Pilon joins

digits to discuss

By MARY PILON

11114 T Rove Price Imests in Facebook- VlSJcom

Recent trades on markets that allow investors to buy and sell shares in private companies have put a market

value of around $75 billion on the company

The Facebook investment complements other tech holdings at the firm including a 2009 stake in Twitter and

an investment in Groupon Inc made late last year In 2007 T Rowe made an initial investment in Ning and in

2010 invested in YouKucom

Among the T Rowe funds now invested in Facebook are the Science amp Technology Fund New America

Growth Fund Media amp Telecommunications Fund as well as broader funds including the Balanced Fund

Global Stock Fund and the Blue Chip Growth Fund T Rowes funds now have a total investment of $868

million in Groupon $666 million in Twitter and $1147 million in YouKucom according to the filings

T Rowe declined to comment on how the Facebook shares were purchased A Facebook spokesman

declined to comment

Geoffrey Fower contributed to this article

Corrections amp Amplifications

An earlier version of this online article incorrectly said T Rowe Price invested $554 million in Facebook and

$22 million in Angies List The firm invested $1905 million and $354 million respectively in the two

companies

Write to Mary Pilon at marypilonwsLcom

Copyright 2013 Dow Jones amp Company Inc All Rights Reserved This copy is for your personal non-commercial use only Distribution and use of this material are governed by our Sub9riber Agreement and by

copyright law For non-personal use or to order multiple copies please contact Dow Jones Reprints at 1-800-843-0008 or visit wwwdjreprintscom

onlinewsjcorrvnewsarticiesSB1000142405274870449500457626473014991 0442pri ntM ode 212

11114 Fidelitys Danoff Bets on F acebook Zyng a - BloorrtJerg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 8yMilesWeiss-Jun 1 2011

William Danoff the manager of Fidelity Investments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the US Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since September 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

Weare seeing m ore of these fund com panies em brace and adopt social media as som ething they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner of the worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund (FCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

WNWbloorrtJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 12

11114 Fidelitys Danoff Bets on Facebook Zynga - Bloorrberg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 11) M iJes Weiss - JlIn 120 I I

William Danoff the manager of Fidelity I nvestments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the us Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since Septem ber 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

We are seeing more ofthese fund companies embrace and adopt social media as something they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner ofthe worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund CFCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

JWIIINbloorrberg comnewspri ntl2011-06-01 lfidelity-s-danoff-bels-on-facebook-zyng a hlml 12

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

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laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

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httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 3: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Thomas S Ellis III Rembrandt v Facebook

13-cv-00158-TSE-TRJ (ED Va)

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76 T Rowe P ice Mid Cap Growth Fd (RPMGX) (IRA) 1 15000$ $15000

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78 Touchstone Large Cap Growth Fd CL I (TEQAX) (IRA) 1 15000$ $15000

79 Touchstone Large Cap Growth Fd CL I (TEQAX) (IRA) 1 15000$ $15000

80 Wachov a Bank Accts 50000$ $50000

81 Wells Fa go Adv End SL-I 15000$ $15000

82 Wells Fa go Adv End SL-I 15000$ $15000

83 Wells Fa go Fds Tr Small Cap Growth Fd Admin CL (IRA) 15000$ $15000

69 Wells Fa go Fds Tr Small Cap Growth Fd Admin CL (IRA) 15000$ $15000

Subtotal 29 1245000$ 50000$ -$ -$ -$ -$ -$ $1295000

Cumulative 1245000$ 1295000$ 1295000$ 1295000$ 1295000$ 1295000$ 1295000$

Summary of Facebook Club Basket Funds No Amt Invested (up to)

T Rowe Price 4 $60000

Blackrock 6 $90000

Oppenheimer 4 $60000

Morgan Stanley 4 $60000

Security EG (Guggenheim) 3 $45000

Total Dark Pools 21 $315000

NOTORIOUSLY PUBLIC INVESTMENTS REQUIRING DISCLOSURETRowe Price T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 http onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442

Fidelity Fidelity s Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 http wwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtml

0 5 10 15 20 25

T Rowe Price

Blackrock

Oppenheimer

Morgan S anley

Security EG (Guggenheim)

Total Dark Pools

Thomas S Ellis III Rembrandt Social Media LP v Facebook Inc et al 13-cv-00158-TSE-TRJ (ED Va)

Financial Disclosure 2010 Facebook Dark Pools Holdings

T Rowe Price Associates Inc (20) Facebook S-1 Registration

Shares Beneficially Owned Prior to this Offering p 129 fn 20

(2) Consists of (i) 6033630 shares of Class A common stock held of record by 81 funds and accounts advised or sub-advised by T Rowe Price Associates Inc and (ii) 12158743 shares of Class B common stock held of record by 77 funds and accounts advised or sub-advised by T Rowe Price Associates Inc T Rowe Price Associates Inc serves as investment adviser with power to direct investments andor sole power to vote the securities owned by these funds and accounts T Rowe Price Associates Inc may be deemed to be the beneficial owner of all the shares listed T Rowe Price Associates Inc is the wholly owned subsidiary of T Rowe Price Group Inc which is a publicly traded financial services holding company The address for T Rowe Price Associates Inc is 100 East Pratt Street Baltimore MD 21202

Page 3 of 3

Funds that do not qualify under the

safe harbor mutual fund exemption

from disclosure rule include

(1) most IRAs

(2) funds that issue regular reports where the judge knows

or should know the stocks in his portfolio

(3) funds with notoriously public activity (eg T Rowe

Price and Fidelity pre-IPO Facebook investing)

(4) undisclosed purchases of dark instruments which

conceal activity subject to transparency laws

(5) law firm 401(k) retirement accounts

(6) funds where stocks are held in the judges (or spouse)

name mdasheven one share and

(7) funds where there is an appearance of impropriety

Sources

Guide to Judiciary Policy Ethics amp Judicial Conduct Vol 2B Ch 2 see esp

Section 106 US Courts United States Department of Justice

lthttpwwwuscourtsgovuscourtsRulesAndPoliciesconductVol02B-

Ch02pdfgt

See also

lthttpsdocsgooglecomfiled0B2SfG2nEsMfqSVQ4dFUyWGNHS0Eeditgt

and lthttpwwwscribdcomdoc199638078Guide-to-Judiciary-Policy-Vol-

02-Ethics-and-Judicial-Conduct-Part-B-Ethics-Advisory-Opinions-Ch-02-

Published-Advisory-Opinions-acesssed-Jangt

11114 T Rowe Price Invests in Facebook - WSJcom

onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442printMode 12

See a sample reprint in PDF

format

Dow Jones Reprints This copy is for your personal non-commercial use only To order presentation-ready copies for distribution to your colleagues

clients or customers use the Order Reprints tool at the bottom of any article or visit wwwdjreprintscom

Order a reprint of this article now

TECHNOLOGY

T Rowe Price Invests in Facebook

Updated April 16 2011 1201 am ET

Mutual-fund company T Rowe Price Group Inc has invested in Facebook Inc according to recently

released filings underscoring traditional investment vehicles growing interest in hot technology companies

T Rowe invested a total of $1905 million in the social-

networking giant paying $25 a share for stock it distributed across nearly 20 funds according to the filings It

isnt immediately clear what value that puts on Facebook

The Baltimore-based mutual-fund company also disclosed an investment of $718 million in Zynga Inc and a

total stake of about $354 million in Angies List

T Rowe has been more aggressive than most of its mutual-fund peers in building exposure to young

technology companies The investments carry extra risk because the shares arent yet publicly traded and

can be illiquid Meanwhile a rush of interest in the companies has pumped up the companies valuations

even as they disclose little or no financial data

The investments however are a drop in the bucket for T

Rowe which is trying to manage that risk by keeping the

investments to a small percentage of each funds holdings

None of the funds has even a full percent of its holdings tied

up in Facebook for example T Rowe had $482 billion in

assets under management as of the end of 2010

Investors have been scrambling for a stake in Facebook

which is just seven years old and doesnt publicly report its

financial results In January Facebook was valued at $50

billion in a deal that raised $15 billion from investors such as

Goldman Sachs Group Inc and Russian investment firm

Digital Sky Technologies as well as some of Goldmans non-US clientsT Rowe has long taken aim at new

companies Its New Horizons Fund which doesnt currently have a stake in Facebook but has invested in

companies like Twitter Inc and Angies List is the third-oldest fund at the firm Born in 1960 the fund is

known for making longer-term investments in companies at their early stages including early investments in

Starbucks Corp and Wal-Mart Stores Inc Other T Rowe funds were early investors in Google Inc The fund

has had a return of 3467 in the 2010 calendar year according to Morningstar Inc

T Row e Price has invested millions in Facebook

underscoring traditional investment vehicles grow ing

interest in hot technology companies Mary Pilon joins

digits to discuss

By MARY PILON

11114 T Rove Price Imests in Facebook- VlSJcom

Recent trades on markets that allow investors to buy and sell shares in private companies have put a market

value of around $75 billion on the company

The Facebook investment complements other tech holdings at the firm including a 2009 stake in Twitter and

an investment in Groupon Inc made late last year In 2007 T Rowe made an initial investment in Ning and in

2010 invested in YouKucom

Among the T Rowe funds now invested in Facebook are the Science amp Technology Fund New America

Growth Fund Media amp Telecommunications Fund as well as broader funds including the Balanced Fund

Global Stock Fund and the Blue Chip Growth Fund T Rowes funds now have a total investment of $868

million in Groupon $666 million in Twitter and $1147 million in YouKucom according to the filings

T Rowe declined to comment on how the Facebook shares were purchased A Facebook spokesman

declined to comment

Geoffrey Fower contributed to this article

Corrections amp Amplifications

An earlier version of this online article incorrectly said T Rowe Price invested $554 million in Facebook and

$22 million in Angies List The firm invested $1905 million and $354 million respectively in the two

companies

Write to Mary Pilon at marypilonwsLcom

Copyright 2013 Dow Jones amp Company Inc All Rights Reserved This copy is for your personal non-commercial use only Distribution and use of this material are governed by our Sub9riber Agreement and by

copyright law For non-personal use or to order multiple copies please contact Dow Jones Reprints at 1-800-843-0008 or visit wwwdjreprintscom

onlinewsjcorrvnewsarticiesSB1000142405274870449500457626473014991 0442pri ntM ode 212

11114 Fidelitys Danoff Bets on F acebook Zyng a - BloorrtJerg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 8yMilesWeiss-Jun 1 2011

William Danoff the manager of Fidelity Investments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the US Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since September 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

Weare seeing m ore of these fund com panies em brace and adopt social media as som ething they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner of the worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund (FCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

WNWbloorrtJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 12

11114 Fidelitys Danoff Bets on Facebook Zynga - Bloorrberg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 11) M iJes Weiss - JlIn 120 I I

William Danoff the manager of Fidelity I nvestments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the us Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since Septem ber 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

We are seeing more ofthese fund companies embrace and adopt social media as something they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner ofthe worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund CFCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

JWIIINbloorrberg comnewspri ntl2011-06-01 lfidelity-s-danoff-bels-on-facebook-zyng a hlml 12

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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Mutual Funds Retirement Planning amp Research Products amp Services

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or the econom

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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immediate so you dont have

to wait for the postal service

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copy 2013 BlackRock Inc All rights reserved I

httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

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Annual Report Request

Transferring Shares of Morgan Stanley Stock

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Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

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The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 4: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Funds that do not qualify under the

safe harbor mutual fund exemption

from disclosure rule include

(1) most IRAs

(2) funds that issue regular reports where the judge knows

or should know the stocks in his portfolio

(3) funds with notoriously public activity (eg T Rowe

Price and Fidelity pre-IPO Facebook investing)

(4) undisclosed purchases of dark instruments which

conceal activity subject to transparency laws

(5) law firm 401(k) retirement accounts

(6) funds where stocks are held in the judges (or spouse)

name mdasheven one share and

(7) funds where there is an appearance of impropriety

Sources

Guide to Judiciary Policy Ethics amp Judicial Conduct Vol 2B Ch 2 see esp

Section 106 US Courts United States Department of Justice

lthttpwwwuscourtsgovuscourtsRulesAndPoliciesconductVol02B-

Ch02pdfgt

See also

lthttpsdocsgooglecomfiled0B2SfG2nEsMfqSVQ4dFUyWGNHS0Eeditgt

and lthttpwwwscribdcomdoc199638078Guide-to-Judiciary-Policy-Vol-

02-Ethics-and-Judicial-Conduct-Part-B-Ethics-Advisory-Opinions-Ch-02-

Published-Advisory-Opinions-acesssed-Jangt

11114 T Rowe Price Invests in Facebook - WSJcom

onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442printMode 12

See a sample reprint in PDF

format

Dow Jones Reprints This copy is for your personal non-commercial use only To order presentation-ready copies for distribution to your colleagues

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Order a reprint of this article now

TECHNOLOGY

T Rowe Price Invests in Facebook

Updated April 16 2011 1201 am ET

Mutual-fund company T Rowe Price Group Inc has invested in Facebook Inc according to recently

released filings underscoring traditional investment vehicles growing interest in hot technology companies

T Rowe invested a total of $1905 million in the social-

networking giant paying $25 a share for stock it distributed across nearly 20 funds according to the filings It

isnt immediately clear what value that puts on Facebook

The Baltimore-based mutual-fund company also disclosed an investment of $718 million in Zynga Inc and a

total stake of about $354 million in Angies List

T Rowe has been more aggressive than most of its mutual-fund peers in building exposure to young

technology companies The investments carry extra risk because the shares arent yet publicly traded and

can be illiquid Meanwhile a rush of interest in the companies has pumped up the companies valuations

even as they disclose little or no financial data

The investments however are a drop in the bucket for T

Rowe which is trying to manage that risk by keeping the

investments to a small percentage of each funds holdings

None of the funds has even a full percent of its holdings tied

up in Facebook for example T Rowe had $482 billion in

assets under management as of the end of 2010

Investors have been scrambling for a stake in Facebook

which is just seven years old and doesnt publicly report its

financial results In January Facebook was valued at $50

billion in a deal that raised $15 billion from investors such as

Goldman Sachs Group Inc and Russian investment firm

Digital Sky Technologies as well as some of Goldmans non-US clientsT Rowe has long taken aim at new

companies Its New Horizons Fund which doesnt currently have a stake in Facebook but has invested in

companies like Twitter Inc and Angies List is the third-oldest fund at the firm Born in 1960 the fund is

known for making longer-term investments in companies at their early stages including early investments in

Starbucks Corp and Wal-Mart Stores Inc Other T Rowe funds were early investors in Google Inc The fund

has had a return of 3467 in the 2010 calendar year according to Morningstar Inc

T Row e Price has invested millions in Facebook

underscoring traditional investment vehicles grow ing

interest in hot technology companies Mary Pilon joins

digits to discuss

By MARY PILON

11114 T Rove Price Imests in Facebook- VlSJcom

Recent trades on markets that allow investors to buy and sell shares in private companies have put a market

value of around $75 billion on the company

The Facebook investment complements other tech holdings at the firm including a 2009 stake in Twitter and

an investment in Groupon Inc made late last year In 2007 T Rowe made an initial investment in Ning and in

2010 invested in YouKucom

Among the T Rowe funds now invested in Facebook are the Science amp Technology Fund New America

Growth Fund Media amp Telecommunications Fund as well as broader funds including the Balanced Fund

Global Stock Fund and the Blue Chip Growth Fund T Rowes funds now have a total investment of $868

million in Groupon $666 million in Twitter and $1147 million in YouKucom according to the filings

T Rowe declined to comment on how the Facebook shares were purchased A Facebook spokesman

declined to comment

Geoffrey Fower contributed to this article

Corrections amp Amplifications

An earlier version of this online article incorrectly said T Rowe Price invested $554 million in Facebook and

$22 million in Angies List The firm invested $1905 million and $354 million respectively in the two

companies

Write to Mary Pilon at marypilonwsLcom

Copyright 2013 Dow Jones amp Company Inc All Rights Reserved This copy is for your personal non-commercial use only Distribution and use of this material are governed by our Sub9riber Agreement and by

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onlinewsjcorrvnewsarticiesSB1000142405274870449500457626473014991 0442pri ntM ode 212

11114 Fidelitys Danoff Bets on F acebook Zyng a - BloorrtJerg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 8yMilesWeiss-Jun 1 2011

William Danoff the manager of Fidelity Investments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the US Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since September 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

Weare seeing m ore of these fund com panies em brace and adopt social media as som ething they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner of the worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund (FCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

WNWbloorrtJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 12

11114 Fidelitys Danoff Bets on Facebook Zynga - Bloorrberg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 11) M iJes Weiss - JlIn 120 I I

William Danoff the manager of Fidelity I nvestments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the us Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since Septem ber 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

We are seeing more ofthese fund companies embrace and adopt social media as something they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner ofthe worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund CFCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

JWIIINbloorrberg comnewspri ntl2011-06-01 lfidelity-s-danoff-bels-on-facebook-zyng a hlml 12

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

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Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

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Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 5: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

11114 T Rowe Price Invests in Facebook - WSJcom

onlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442printMode 12

See a sample reprint in PDF

format

Dow Jones Reprints This copy is for your personal non-commercial use only To order presentation-ready copies for distribution to your colleagues

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Order a reprint of this article now

TECHNOLOGY

T Rowe Price Invests in Facebook

Updated April 16 2011 1201 am ET

Mutual-fund company T Rowe Price Group Inc has invested in Facebook Inc according to recently

released filings underscoring traditional investment vehicles growing interest in hot technology companies

T Rowe invested a total of $1905 million in the social-

networking giant paying $25 a share for stock it distributed across nearly 20 funds according to the filings It

isnt immediately clear what value that puts on Facebook

The Baltimore-based mutual-fund company also disclosed an investment of $718 million in Zynga Inc and a

total stake of about $354 million in Angies List

T Rowe has been more aggressive than most of its mutual-fund peers in building exposure to young

technology companies The investments carry extra risk because the shares arent yet publicly traded and

can be illiquid Meanwhile a rush of interest in the companies has pumped up the companies valuations

even as they disclose little or no financial data

The investments however are a drop in the bucket for T

Rowe which is trying to manage that risk by keeping the

investments to a small percentage of each funds holdings

None of the funds has even a full percent of its holdings tied

up in Facebook for example T Rowe had $482 billion in

assets under management as of the end of 2010

Investors have been scrambling for a stake in Facebook

which is just seven years old and doesnt publicly report its

financial results In January Facebook was valued at $50

billion in a deal that raised $15 billion from investors such as

Goldman Sachs Group Inc and Russian investment firm

Digital Sky Technologies as well as some of Goldmans non-US clientsT Rowe has long taken aim at new

companies Its New Horizons Fund which doesnt currently have a stake in Facebook but has invested in

companies like Twitter Inc and Angies List is the third-oldest fund at the firm Born in 1960 the fund is

known for making longer-term investments in companies at their early stages including early investments in

Starbucks Corp and Wal-Mart Stores Inc Other T Rowe funds were early investors in Google Inc The fund

has had a return of 3467 in the 2010 calendar year according to Morningstar Inc

T Row e Price has invested millions in Facebook

underscoring traditional investment vehicles grow ing

interest in hot technology companies Mary Pilon joins

digits to discuss

By MARY PILON

11114 T Rove Price Imests in Facebook- VlSJcom

Recent trades on markets that allow investors to buy and sell shares in private companies have put a market

value of around $75 billion on the company

The Facebook investment complements other tech holdings at the firm including a 2009 stake in Twitter and

an investment in Groupon Inc made late last year In 2007 T Rowe made an initial investment in Ning and in

2010 invested in YouKucom

Among the T Rowe funds now invested in Facebook are the Science amp Technology Fund New America

Growth Fund Media amp Telecommunications Fund as well as broader funds including the Balanced Fund

Global Stock Fund and the Blue Chip Growth Fund T Rowes funds now have a total investment of $868

million in Groupon $666 million in Twitter and $1147 million in YouKucom according to the filings

T Rowe declined to comment on how the Facebook shares were purchased A Facebook spokesman

declined to comment

Geoffrey Fower contributed to this article

Corrections amp Amplifications

An earlier version of this online article incorrectly said T Rowe Price invested $554 million in Facebook and

$22 million in Angies List The firm invested $1905 million and $354 million respectively in the two

companies

Write to Mary Pilon at marypilonwsLcom

Copyright 2013 Dow Jones amp Company Inc All Rights Reserved This copy is for your personal non-commercial use only Distribution and use of this material are governed by our Sub9riber Agreement and by

copyright law For non-personal use or to order multiple copies please contact Dow Jones Reprints at 1-800-843-0008 or visit wwwdjreprintscom

onlinewsjcorrvnewsarticiesSB1000142405274870449500457626473014991 0442pri ntM ode 212

11114 Fidelitys Danoff Bets on F acebook Zyng a - BloorrtJerg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 8yMilesWeiss-Jun 1 2011

William Danoff the manager of Fidelity Investments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the US Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since September 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

Weare seeing m ore of these fund com panies em brace and adopt social media as som ething they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner of the worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund (FCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

WNWbloorrtJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 12

11114 Fidelitys Danoff Bets on Facebook Zynga - Bloorrberg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 11) M iJes Weiss - JlIn 120 I I

William Danoff the manager of Fidelity I nvestments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the us Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since Septem ber 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

We are seeing more ofthese fund companies embrace and adopt social media as something they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner ofthe worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund CFCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

JWIIINbloorrberg comnewspri ntl2011-06-01 lfidelity-s-danoff-bels-on-facebook-zyng a hlml 12

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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or the econom

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

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Annual Report Request

Transferring Shares of Morgan Stanley Stock

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Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

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raquo Press Releases

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IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 6: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

11114 T Rove Price Imests in Facebook- VlSJcom

Recent trades on markets that allow investors to buy and sell shares in private companies have put a market

value of around $75 billion on the company

The Facebook investment complements other tech holdings at the firm including a 2009 stake in Twitter and

an investment in Groupon Inc made late last year In 2007 T Rowe made an initial investment in Ning and in

2010 invested in YouKucom

Among the T Rowe funds now invested in Facebook are the Science amp Technology Fund New America

Growth Fund Media amp Telecommunications Fund as well as broader funds including the Balanced Fund

Global Stock Fund and the Blue Chip Growth Fund T Rowes funds now have a total investment of $868

million in Groupon $666 million in Twitter and $1147 million in YouKucom according to the filings

T Rowe declined to comment on how the Facebook shares were purchased A Facebook spokesman

declined to comment

Geoffrey Fower contributed to this article

Corrections amp Amplifications

An earlier version of this online article incorrectly said T Rowe Price invested $554 million in Facebook and

$22 million in Angies List The firm invested $1905 million and $354 million respectively in the two

companies

Write to Mary Pilon at marypilonwsLcom

Copyright 2013 Dow Jones amp Company Inc All Rights Reserved This copy is for your personal non-commercial use only Distribution and use of this material are governed by our Sub9riber Agreement and by

copyright law For non-personal use or to order multiple copies please contact Dow Jones Reprints at 1-800-843-0008 or visit wwwdjreprintscom

onlinewsjcorrvnewsarticiesSB1000142405274870449500457626473014991 0442pri ntM ode 212

11114 Fidelitys Danoff Bets on F acebook Zyng a - BloorrtJerg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 8yMilesWeiss-Jun 1 2011

William Danoff the manager of Fidelity Investments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the US Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since September 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

Weare seeing m ore of these fund com panies em brace and adopt social media as som ething they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner of the worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund (FCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

WNWbloorrtJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 12

11114 Fidelitys Danoff Bets on Facebook Zynga - Bloorrberg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 11) M iJes Weiss - JlIn 120 I I

William Danoff the manager of Fidelity I nvestments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the us Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since Septem ber 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

We are seeing more ofthese fund companies embrace and adopt social media as something they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner ofthe worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund CFCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

JWIIINbloorrberg comnewspri ntl2011-06-01 lfidelity-s-danoff-bels-on-facebook-zyng a hlml 12

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

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Oppenheimer Holdings Inc Annual Reports

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httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 7: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

11114 Fidelitys Danoff Bets on F acebook Zyng a - BloorrtJerg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 8yMilesWeiss-Jun 1 2011

William Danoff the manager of Fidelity Investments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the US Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since September 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

Weare seeing m ore of these fund com panies em brace and adopt social media as som ething they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner of the worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund (FCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

WNWbloorrtJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 12

11114 Fidelitys Danoff Bets on Facebook Zynga - Bloorrberg

Bloomberg

Fidelitys Danoff Bets on Facebook Zynga 11) M iJes Weiss - JlIn 120 I I

William Danoff the manager of Fidelity I nvestments largest stock fund established a toehold in the

social-networking industry during the first quarter by acquiring shares of Facebook Inc and Zynga

Inc

Danoffs Fidelity Contrafund invested $74 million in Facebook Class B common shares and $82

million in Zynga convertible preferred stock according to a quarterly report the fund filed yesterday

with the us Securities and Exchange Commission Danoff 50 has managed the $80 billion Fidelity

Contrafund since Septem ber 1990

Fidelity and rivals T Rowe Price Group Inc and Capital Group Cos are snapping up stakes in socialshy

networking companies before they go public after the mutual-fund industry avoided privately traded

stocks for years Boston-based Fidelity and Baltimores T Rowe Price may recognize an opportunity

as a growing percentage of clients access their fund holdings through Facebook said Geoff Bobroff a

fund consultant in East Greenwich Rhode Island

We are seeing more ofthese fund companies embrace and adopt social media as something they are

providing to their shareholders Bobroff said today in an interview Its somewhat logical they would

think there is value

Vincent Loporchio a spokesman for Fidelity said more than 30 of its funds held Facebook shares as

of April 30 No fund had more than 015 percent of its assets invested in Facebook according to

Loporchio who declined to comment further

T Rowe American

T Rowe Price reported in April that 19 of its mutual funds invested at least $191 million during the

first quarter in Facebook the Palo Alto California-based owner ofthe worlds most popular socialshy

networking website American Funds Growth Fund of America a $168 billion stock fund overseen by

Los Angeles-based Capital Group invested $665 million on Feb 18 in Zynga the largest maker of

games on Facebook according to an April 29 filing

Fidelity Contrafund CFCNTX) averaged annual gains of 7 percent over the past 10 years to beat 99

JWIIINbloorrberg comnewspri ntl2011-06-01 lfidelity-s-danoff-bels-on-facebook-zyng a hlml 12

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

Portfolio Holdings

Portfolio Holdings

Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

Expand all Collapse all

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International Fund Prospectuses amp Reports

Domestic Bond Fund Prospectuses amp Reports

Money Market Fund Prospectuses amp Reports

Asset Allocation Fund Prospectuses amp Reports

Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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Invest With Confidencereg

Electronic Delivery Mutual Funds Products amp Performance Individual Investors BlackRock

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[ Enter fund name ticker or CUSIP Electronic Delivery Explore Electronic Delivery

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To simplify and reduce the amount of mail that our fund shareholders receive from

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communications Whenever a document is issued we will automatically alert you via

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Daily Pricing amp Yields Please note if your accoun IS n

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Proxy Information 1 Click on the applicable link below and follow the steps to sign up

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Company Information About BlackRock Investor Relations Careers Public Policy

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immediate so you dont have

to wait for the postal service

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helps keep fund expenses

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Anytime-Anywhere Account Access

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copy 2013 BlackRock Inc All rights reserved I

httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

Earnings Releases

Creditor Information

Proxy Materials

Regulatory Information

Contacts

FAQs

Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

Direct Share Purchase and Dividend Reinvestment Program (DRIP)

Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

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- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 8: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

11114 Fidelitys Danoff Bets on F acebook Zyng a - BlooniJerg

percent of its large-capitalization growth stock peers according to Chicago-based research firm

Morningstar Inc

Danoffs fund aims to invest in stocks whose value hasnt been fully recognized by the public At the

end of last year it had about 33 percent of net assets in information technology shares including a

$53 billion stake in Apple Inc (AAPL) and $38 billion in Google Inc

The fund acquired 297 million Facebook shares during the first quarter for about $25 each the same

price T Rowe Price reported paying according to yesterdays filing Facebook in January said it had

raised $15 billion from investors led by Goldman Sachs Group Inc (GS) placing a $50 billion

valuation on the closely held business at the time

Convertible Preferred Shares

Fidelity Contrafund also bought its Zynga convertible preferred stock on Feb 18 according to

yesterdays filing Zynga held talks in February with T Rowe Price and Fidelity about selling shares at

a price that implied the companys market value was close to $10 billion two people familiar with the

situation said at the time

Facebook and Zynga last year laid the groundwork for initial public offerings by im posing fees on

employees who sell their shares Zynga may file for an IPO by the end of June a person familiar with

the plans said last week

To contact the reporter on this story Miles Weiss in Washington at mweissbloombergnet

To contact the editor responsible for this story Christian Baumgaertel at

cba umgaertelbloombergnet

reg2014 BLOOMBERG LP ALL RIGHTS RESERVED

WNWblooniJerg comtnewspri ntl2011-06-01 fidelity-s-danoff-bets-on-facebook-zyng a html 212

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

Portfolio Holdings

Portfolio Holdings

Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

Expand all Collapse all

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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To simplify and reduce the amount of mail that our fund shareholders receive from

statements prospectuses semiannual and annual reports and all other shareholder

communications Whenever a document is issued we will automatically alert you via

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Daily Pricing amp Yields Please note if your accoun IS n

Product Commentary your account is through Merrill Lynch Charles Schwab Fidelity etc) you will need

to contact that firm for information on the delivery of any materials

Proxy Information 1 Click on the applicable link below and follow the steps to sign up

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For additional questions please call us at 1-800-441-7762 between 800 am and

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s faster E-Delivery is

immediate so you dont have

to wait for the postal service

Its economical E-Delivery

helps keep fund expenses

lower eliminating paper and

postage costs

Its more convenient Delivered straight to your

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to the environment

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~ Voice Response

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copy 2013 BlackRock Inc All rights reserved I

httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

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Presentations

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Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

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Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 9: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-1-

BlackRock Large Cap Core Plus Instl

BILPX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Schedule of Investments (continued)

BlackRock Large Cap Core Plus Fund (Percentages shown are based on Net Assets)

Investments Sold Short Shares Value

Gas Utilities mdash (07)

AGL Resources Inc 2870 $ (120397 )

ONEOK Inc 2560 (122035 )

(242432 )

Health Care Equipment amp Supplies mdash (03) Hologic Inc 5210 (117746 )

Health Care Providers amp Services mdash (03)

Brookdale Senior Living Inc 4030 (112356 )

Household Durables mdash (03) Toll Brothers Inc 3320 (113677 )

Insurance mdash (03)

Erie Indemnity Co Class A 1550 (117072 )

Internet amp Catalog Retail mdash (04) Groupon Inc

20580 (125950 )

Internet Software amp Services mdash (03)

Facebook Inc Class A 4160 (106413 )

Software mdash (19) Concur Technologies Inc 1650 (113289 ) Informatica Corp 3330 (114785 ) NetSuite Inc 1590 (127295 ) Salesforcecom Inc 630 (112663 ) ServiceNow Inc 3330 (120546 ) Zynga Inc Class A 32780 (110141 )

(698719 ) Diversified Financial Services mdash 112

Bank of America Corp 110500 1345890 Citigroup Inc 29160 1290038 JPMorgan Chase amp Co 30293 1437706

4073634

Relationship to Facebook (Conflict of Interest)

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia)) Facebookrsquos

largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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immediate so you dont have

to wait for the postal service

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

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Annual Report Request

Transferring Shares of Morgan Stanley Stock

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Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

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raquo XBRL Files

raquo Regulatory Filings on SEDAR

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IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 10: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingSemi-Annual-Report2013331taspxt=BILPXampft=N-CSRSampd=ca3cc17e46e9b247078ea1db386fa0f4

-2-

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon Zynga -- It is notoriously known that

Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Zynga Inc

It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

JPMorgan Notoriously known to be a Facebook underwriter

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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Portfolio Holdings

Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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to wait for the postal service

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helps keep fund expenses

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

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Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

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Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

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laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

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Oppenheimer Holdings Inc Annual Reports

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httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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ltlt Back

Page 11: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments Mid Cap Growth Portfolio

Shares Value (000)

Common Stocks (957)

Advertising Agencies (10)

Aimia Inc (Canada)4426661 $ 77141

Alternative Energy (14)

Range Resources Corp 944472 71676

Ultra Petroleum Corp (a)(b) 1641564 33767

105443

Automobiles (30)

Tesla Motors Inc (a)(b) 1124091 217422

Beverage Soft Drinks (13)

Monster Beverage Corp (a) 1784202 93225

Biotechnology (39)

Illumina Inc (a) 3540261 286159

Cable Television Services (10) Charter Communications Inc Class A (a) 575164 77509

Cement (20)

Martin Marietta Materials Inc (b) 1494272 146693

Chemicals Diversified (10)

Rockwood Holdings Inc 1087525 72755

Commercial Services (60)

Gartner Inc (a) 3114293 186857 Intertek Group PLC (United Kingdom) 3428653 183389

MercadoLibre Inc (Brazil) (b) 518974 70015

440261

Communications Technology (36)

Mailru Group Ltd GDR (Russia) 1093623 41779

Motorola Solutions Inc 3774905 224154

265933

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

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or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

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Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

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D 1

Oppenheimer Holdings Inc Annual Reports

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httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

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ltlt Back

Page 12: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Computer Services Software amp Systems (167)

Akamai Technologies Inc (a) 4183283 216276

IHS Inc Class A (a) 1617617 184699

LinkedIn Corp Class A (a) 801244 197154

NetSuite Inc (a) 712225 76878 Qihoo 360 Technology Co Ltd ADR (China) (a) 1623406 135067

ServiceNow Inc (a) 933846 48513

SINA Corp (China) (a) 532060 43187

Solera Holdings Inc 3892938 205820

Workday Inc Class A (a) 970403 78535

Zynga Inc Class A (a) 10962239 40341

1226470

Computer Technology (46) Dropbox Inc (a)(c)(d) (acquisition cost mdash $33909 acquired 5112)

3747173 43092

Yandex NV Class A (Russia) (a) 5405840 196881

Youku Tudou Inc ADR (China) (a) 3700222 101386

341359

Consumer Services Miscellaneous (18)

FleetCor Technologies Inc (a) 693140 76356

Qualicorp SA (Brazil) (a) 6435998 58805

135161

Shares Value (000)

Diversified Manufacturing Operations (09)

Colfax Corp (a)1223968 $ 69142

Diversified Retail (56)

Dollar Tree Inc (a) 3275772 187243

Groupon Inc (a) 16840401 188781

TripAdvisor Inc (a) 496656 37666

413690

Electronic Components (07)

3D Systems Corp (a)(b) 931270 50279

Electronic Entertainment (08)

Splunk Inc (a) 943871 56670

Entertainment (07) Legend Pictures LLC Ltd (a)(c)(d) (acquisition cost mdash $38812 acquired 3812)

36302 54254

Financial Data amp Systems (40)

MSCI Inc (a) 4659430 187589

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

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or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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Morgan Stanley - Investor Relations

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Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

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stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

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C gt Interim Reports

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D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 13: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Verisk Analytics Inc Class A (a) 1603887 104188

291777

Foods (20)

McCormick amp Co Inc 2321463 150199

Health Care Services (40)

athenahealth Inc (a) 1764383 191541

Stericycle Inc (a) 868527 100228

291769

HotelMotel (09)

Wyndham Worldwide Corp 1047810 63885

Insurance Property-Casualty (47)

Arch Capital Group Ltd (a) 2889617 156415

Progressive Corp (The) 7012246 190943

347358

Medical Equipment (28)

Intuitive Surgical Inc (a) 547393 205968

Personal Care (04)

Sally Beauty Holdings Inc (a) 1112867 29113

Pharmaceuticals (45)

Endo Health Solutions Inc (a) 1723448 78313

Ironwood Pharmaceuticals Inc (a) 3709663 43960

Mead Johnson Nutrition Co 2779470 206403

328676

Publishing (14)

Morningstar Inc 1306873 103583

Recreational Vehicles amp Boats (31)

Edenred (France) 6968501 226319

Restaurants (37)

Dunkin Brands Group Inc 2471303 111851

Panera Bread Co Class A (a) 1022492 162096

273947

Scientific Instruments Pollution Control (13)

Covanta Holding Corp 4640780 99220

The accompanying notes are an integral part of the financial statements

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

Portfolio Holdings

Portfolio Holdings

Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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communications Whenever a document is issued we will automatically alert you via

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

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Transferring Shares of Morgan Stanley Stock

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Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

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NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

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raquo XBRL Files

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IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 14: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

Morgan Stanley Institutional Fund Trust Annual Report mdash September 30 2013

Portfolio of Investments (contd) Mid Cap Growth Portfolio

Shares Value (000)

Semiconductors amp Components (13)

First Solar Inc (a)(b)2368687 $ 95245

Specialty Retail (11) Ulta Salon Cosmetics amp Fragrance Inc (a) 689875 82412

Textiles Apparel amp Shoes (32)

Carters Inc 2560835 194342

Under Armour Inc Class A (a) 489164 38864

233206

Utilities Electrical (13) Brookfield Infrastructure Partners LP (Canada) 2469243 93881

Total Common Stocks (Cost $5269969) 7046124

Convertible Preferred Stocks (01)

Communications Technology (00) Peixe Urbano Inc (Brazil) (a)(c)(d) (acquisition cost mdash $18817 acquired 12211)

571575 886

Computer Technology (01) Dropbox Inc Series A (a)(c)(d) (acquisition cost mdash $3365 acquired 52512)

371814 4276

Total Convertible Preferred Stocks (Cost $22182) 5162

Preferred Stock (02)

Computer Services Software amp Systems (02) Palantir Technologies Inc Series G (a)(c)(d) (acquisition cost mdash $11738 acquired 71912) (Cost $11738)

3835908

12118

Short-Term Investments (51)

Securities held as Collateral on Loaned Securities (06)

Investment Company (04) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G)

31026954

31027

Face

Amount (000)

Repurchase Agreements (02) Barclays Capital Inc (006 dated 93013 due 10113 proceeds $7144 fully collateralized by a US Government Obligation

$ 7144

7144

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

Portfolio Holdings

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Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

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or the econom

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

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Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

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Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 15: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

025 due 91515 valued at $7287) Merrill Lynch amp Co Inc (003 dated 93013 due 10113 proceeds $8572 fully collateralized by a US Government Obligation 075 due 22818 valued at $8744)

8572

8572

15716

Total Securities held as Collateral on Loaned Securities (Cost $46743) 46743

Shares Value (000)

Investment Company (45) Morgan Stanley Institutional Liquidity Funds mdash Money Market Portfolio mdash Institutional Class (See Note G) (Cost $331820)

331819938

$ 331820

Total Short-Term Investments (Cost $378563) 378563

Total Investments (1011) (Cost $5682452) Including $92019 of Securities Loaned (e) 7441967

Liabilities in Excess of Other Assets (-11) (78834 )

Net Assets (1000) $ 7363133

(a) Non-income producing security (b) All or a portion of this security was on loan at September 30 2013 (c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (restricted security) Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description The Portfolio has registration rights for certain restricted securities Any costs related to such registration are borne by the issuer The aggregate value of restricted securities (excluding 144A holdings) at September 30 2013 amounts to approximately $114626000 and represents 16 of net assets (d) At September 30 2013 the Portfolio held fair valued securities valued at approximately $114626000 representing 16 of net assets These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees (e) The approximate fair value and percentage of net assets $451487000 and 61 respectively represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements ADR American Depositary Receipt GDR Global Depositary Receipt

The accompanying notes are an integral part of the financial statements

9

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

Portfolio Holdings

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All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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To simplify and reduce the amount of mail that our fund shareholders receive from

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immediate so you dont have

to wait for the postal service

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helps keep fund expenses

lower eliminating paper and

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to the environment

Anytime-Anywhere Account Access

~ Voice Response

UniUOnline Access Guide

copy 2013 BlackRock Inc All rights reserved I

httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

Earnings Releases

Creditor Information

Proxy Materials

Regulatory Information

Contacts

FAQs

Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

Direct Share Purchase and Dividend Reinvestment Program (DRIP)

Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 16: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-1-

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was appointed Chief Counsel

to Tesla Motors five months before the trial Tesla Motors received $465 million in

energy stimulus funds at the recommendation of McBee Strategic LLC and Michael

Sheehy former National Security Adviser for House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Mailru Group GDR (Russia)

Mailru Group (aka Digital Sky Technologies DST DST Systems) is the largest outside

investor in Facebook The company is owned by Russian oligarch Alisher Usmanov

and managed by fellow oligarch Yuri Milner Mailru invested approximately $15

billion in pre-IPO private Facebook stock facilitated by Goldman Sachs who also invested via Goldman Sachs Group Inc T Rowe Price Invests in Facebook by Mary Pilon The Wall Street Journal Apr 16 2011 lthttponlinewsjcomnewsarticlesSB10001424052748704495004576264730149910442gt

Yuri Milner and Facebook COO Sheryl Sandberg were notoriously mentored by

Lawrence ldquoLarryrdquo Summers former director of the National Economic Council 2008-

2010 Summer oversaw the bailout of Wall Street in 2008 including Goldman Sachs

and Morgan Stanley US House Oversight Committee Briefing ndash American and Russian Opportunities Undermining US Sovereignty and Corrupting US Financial and Judicial Systems Oct 9 2012 updated Nov 14 2003 httpwwwscribdcomdoc110575673Briefing-for-Representative-Jim-Jordan-OH-HOUSE-OVERSIGHT-COMMITTEE-American-and-Russian-Opportunists-Undermining-U-S-Sovereignty-and-Corruptin

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

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Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

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Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 17: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=MPEGXampft=N-CSRampd=97e8e52087910e378f5052d8bb3a98e1 accessed Jan 15 2014

-2-

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing to

Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters including

T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Zynga Inc It is notoriously known that Zynga builds games specifically to run on the Facebook platform and its interests are closely aligned Fidelityrsquos Danoff Bets on Facebook Zynga by Miles Weiss Bloomberg Jun 1 2011 httpwwwbloombergcomnews2011-06-01fidelity-s-danoff-bets-on-facebook-zyngahtmlgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Groupon This company was funded by numerous Facebook principals including

1 Accel Partners LLP James W Breyer former Facebook director chairman and

largest Facebook shareholder 2 Digital Sky Technologies (DST Systems aka Mailru Group (Russia))

Facebookrsquos largest outside investor

3 Morgan Stanley Venture Partners Facebook IPO underwriter

4 Andreessen Horowitz Marc Andreessen Facebook director large Facebook

shareholder shareholder in Instagram acquired by Facebook in 2012 where

Lawrence ldquoLarryrdquo Summers is a ldquospecial adviserrdquo httpwwwcrunchbasecomcompanygroupon

Athenahealth Inc

Founded by Todd Y Park Barack Obamarsquos current US Chief Technology Officer

former chief technology officer at US Health amp Human Services chief architect of

HealthCaregov Athenahealth makes claims that social networking technology is ldquoopen sourcerdquo without justification

Morgan Stanley Institutional Liquidity

Morgan Stanley is a Facebook underwriter Facebook Amendment No 8 to Registration Statement on Form S 1A SEC EDGAR May 17 2012 accessed Jan 6 2014 httpwwwscribdcomdoc196693110Facebook-Amendment-No-8-to-Registration-Statement-on-Form-S-1-A-SEC-EDGAR-May-17-2012-accessed-Jan-6-2014

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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~ Print [S] Email h Text size lt Share

All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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To simplify and reduce the amount of mail that our fund shareholders receive from

statements prospectuses semiannual and annual reports and all other shareholder

communications Whenever a document is issued we will automatically alert you via

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Proxy Information 1 Click on the applicable link below and follow the steps to sign up

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helps keep fund expenses

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

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stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 18: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2012930taspxt=BROIXampft=N-CSRampd=5121704b05b63bc5f7f9d97f352d5704

BlackRock Global Opportunities Instl Annual Report

BROIX

Schedule of Investments (continued)

BlackRock Global Opportunities Portfolio (Percentages shown are based on Net Assets)

Common Stocks Shares Value United States (concluded)

The Goldman Sachs Group Inc 18400 $ 2091712 Google Inc Class A (a) 5000 3772500 The Hain Celestial Group Inc (a) 12558 791154 International Paper Co 58900 2139248 Intuit Inc 27100 1595648 JPMorgan Chase amp Co 84400 3416512

KeyCorp 316300 2764462 Mondelez International Inc 63500 2625725 Las Vegas Sands Corp 35700 1655409 Liberty Global Inc Class A (a) 34600 2101950 Linear Technology Corp 45295 1442646 Lowersquos Cos Inc 72800 2201472 Merck amp Co Inc 71800 3238180 MetLife Inc 53400 1840164 Microsoft Corp 52900 1575362

Monsanto Co 26300 2393826 The NASDAQ OMX Group Inc 65900 1535141 National Oilwell Varco Inc 39900 3196389 NetApp Inc (a) 87314 2870884 NII Holdings Inc (a) 20500 160925 NIKE Inc Class B 15800 1499578 Owens Corning (a) 56300 1883798 PartnerRe Ltd 21100 1567308 Perrigo Co 11300 1312721 PPL Corp 70400 2045120 Ralcorp Holdings Inc (a) 10475 764675 Reynolds American Inc 35900 1555906 Riverbed Technology Inc (a) 73608 1712858 Rockwell Automation Inc 25600 1780480 Rowan Cos Plc Class A (a) 87600 2958252 Schlumberger Ltd 40700 2943831 SPX Corp 34200 2237022 Teradata Corp (a) 38521 2904869 Time Warner Inc 78200 3544806 United Rentals Inc (a) 76325 2496591 Verizon Communications Inc 52500 2392425 Vertex Pharmaceuticals Inc (a) 27100 1516245 Visa Inc Class A 25100 3370428 Wells Fargo amp Co 145400 5020662 Weyerhaeuser Co 35314 923108 Whirlpool Corp 26100 2163951 Xilinx Inc 48600 1623726

165723925

Total Long-Term Investments

(Cost ndash $288801664) ndash 993

322491975

Relationship to Facebook (Conflict of Interest)

1 The Goldman Sachs Group Inc ndash Large Facebook stockholder and Facebook underwriter

2 JPMorgan Chase ndash Facebook underwriter

3 Microsoft ndash One of Facebookrsquos largest shareholders

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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To simplify and reduce the amount of mail that our fund shareholders receive from

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immediate so you dont have

to wait for the postal service

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Anytime-Anywhere Account Access

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copy 2013 BlackRock Inc All rights reserved I

httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

Earnings Releases

Creditor Information

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Contacts

FAQs

Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

Direct Share Purchase and Dividend Reinvestment Program (DRIP)

Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 19: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-1-

Openheimer Instl Fd Trust Mid Cap Grwth Port CL I

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously

known that Hoffman provided business coaching and early financing to Mark

Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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or the econom

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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Morgan Stanley - Investor Relations

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stock Information

NYSEMS 3222 112

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Currency is in USD January 15 20141 Quote delayed 20 minutes

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and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

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Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

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D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

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httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 20: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpswwwoppenheimerfundscomdigitalAssetsEmergingGrowthSAR-01264fa0-8402-4c53-8e37-9057c36cd068pdf

-2-

Workday Inc

This company is financed by principal Facebook investors and underwriters including T

Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

Portfolio Holdings

Portfolio Holdings

Mutual Funds Retirement Planning amp Research Products amp Services

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~ Print [S] Email h Text size lt Share

All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

Expand all Collapse all

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International Fund Prospectuses amp Reports

Domestic Bond Fund Prospectuses amp Reports

Money Market Fund Prospectuses amp Reports

Asset Allocation Fund Prospectuses amp Reports

Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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Invest With Confidencereg

Electronic Delivery Mutual Funds Products amp Performance Individual Investors BlackRock

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[ Enter fund name ticker or CUSIP Electronic Delivery Explore Electronic Delivery

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To simplify and reduce the amount of mail that our fund shareholders receive from

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communications Whenever a document is issued we will automatically alert you via

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Daily Pricing amp Yields Please note if your accoun IS n

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Proxy Information 1 Click on the applicable link below and follow the steps to sign up

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Company Information About BlackRock Investor Relations Careers Public Policy

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immediate so you dont have

to wait for the postal service

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helps keep fund expenses

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Anytime-Anywhere Account Access

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copy 2013 BlackRock Inc All rights reserved I

httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

Earnings Releases

Creditor Information

Proxy Materials

Regulatory Information

Contacts

FAQs

Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

Direct Share Purchase and Dividend Reinvestment Program (DRIP)

Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 21: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpprospectus-expressnewrivercomsummaryaspdoctype=annampclientid=touchstllampfundid=89154X302

-1-

Touchstone Large Cap Growth Fd CL I

(TEQAX)

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Information Technology mdash 216

Aruba Networks Inc 18191 450045

Aspen Technology Inc 14445 466429

Bankrate Inc 16710 199517

Blackbaud Inc 13255 392746

Cadence Design Systems Inc 27710 386000

comScore Inc 15292 256600

FEI Co 5990 386654

InterXion Holding NV (Netherlands) 12925 313044

j2 Global Inc 9885 387591

MAXIMUS Inc 6850 547794

Cognizant Technology Solutions Corp -

Class A 26750 2049318

Google Inc - Class A 7859 6240282

LinkedIn Corp - Class A 3280 577477

Maxim Integrated Products Inc 46450 1516592

NICE Systems Ltd (Israel) ADR 32167 1184711

Nuance Communications Inc 123640 2495055

Relationship to Facebook (Conflict of Interest)

Comscore Funded by James W Breyer Accel Partners LLP

Facebookrsquos largest shareholder and former

director

httpwwwcrunchbasecomcompanycomscore

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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or the econom

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

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raquo XBRL Files

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IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 22: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-1-

Guggenheim (Security EQ) Mid Cap Value C

SEVSX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo

INFORMATION TECHNOLOGY - 38

Apple Inc 2258 $ 1076501

International Business Machines Corp 3528 653315

Cisco Systems Inc 23842 558380

Hewlett-Packard Co 25642 537969

Microsoft Corp 15294 509443

Intel Corp 19074 437176

Corning Inc 28147 410665

Oracle Corp 11865 393562

QUALCOMM Inc 5539 373107

CONSUMER STAPLES - 33

Wal-Mart Stores Inc 9418 696555

CVS Caremark Corp 10771 611254

Walgreen Co 10921 587550

SHORT TERM INVESTMENTS

dagger - 08

Goldman Sachs Financial Square

Funds - Treasury Instruments Fund 556160

556160

INFORMATION TECHNOLOGY - (57)

VeriSign Inc67

1200 (30756 )

Access Company Ltd67

17 (32755 )

Varian Semiconductor Equipment

Associates Inc67

1260 (33037 )

Electronic Arts Inc67

900 (36720 )

Riverbed Technology Inc67

3280 (43624 )

Red Hat Inc67

2610 (46589 )

Baidu Inc ADR67

200 (53726 )

Relationship to Facebook (Conflict of Interest)

LinkedIn Corp Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early

financing to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no

Yellow Highlight = Notorious Facebook collaborator

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

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or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Each of the investment products (including the T Rowe Price mutual funds) or services referred to in the T Rowe Price Web site may be offered only to persons in the United

States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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to wait for the postal service

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

Earnings Releases

Creditor Information

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Contacts

FAQs

Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

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Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 23: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpquotemorningstarcomfund-filingAnnual-Report2013930taspxt=SEVSXampft=N-CSRampd=fa8755634a67962ee770a06225055799

-2-

coincidence

IBM IBM sold Facebook 750 patents during the pendency of Leader v Facebook The former Director of the

US Patent Office David J Kappos systematically failed to disclose his bias toward Facebookrsquos and IBMrsquos interests regarding all matters related to Facebookrsquos intellectual property claims neither has USPTO staff Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Microsoft One of Facebookrsquos largest shareholders and stakeholders notoriously known

Wal-Mart Faceboookrsquos largest investor and director James W

Breyer Accel Partners LLP was also a director at Wal-Mart and was responsible for a deep embedding of Facebook technology in the Wal-Mart site

Goldman Sachs Facebookrsquos underwriter and large investor notoriously known

Verisign Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Baidu Inc Facebookrsquos largest shareholder and former chairman

and director James W Breyer Accel Partners is an

owner of Baidu via his IDG-Accel ownership with his

father John P Breyer in China httpwwwcrunchbasecomcompanybaidu

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

I NV E ST WITH CON FI DENCE Home About Us Social Responsibility Customer Service llitjiiI

My Accounts

Home Mutual Funds

Mutual Funds

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All T Rowe Price mutual funds are offered by prospectus only Mutual fund prospectuses fiem~m7T(f1r1jJjjeamS7isJltS--n~-eDefigte~a nd other in formation tha t you

or the econom

intended for shareholders and others who have reviewed the mutual funds prospectus

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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States This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States

Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

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Annual Report Request

Transferring Shares of Morgan Stanley Stock

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Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

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Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 24: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

MARCH 312013

T ROWE PRICE

MI D-CAP GROWTH

FUND

Portfolio of Investments

bull

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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Morgan Stanley - Investor Relations

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httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

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The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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The purpose of this site is to provide information from and about the Judicial Branch of the US Government

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Page 25: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Acuity Brands Agilent Technologies Agnico-Eagle Mines Akamai Technologies Alaska Air Group Alexion Pharmaceuticals Alkermes Altera Amdocs AMETEK

Ariad Pharmaceuticals Aruba Networks Atmel

AutoZone Avago Technologies Babcock amp Wilcox Ball

BankUnited Bruker c R Bard CH Robinson Worldwide

Calpine

CareFusion CarMax

Catamaran

CBOE Holdings

Celanese Series A Charles Schwab Charter Communications Chipotle Mexican Grill Choice Hotels International Clean Harbors Colfax Concur Technologies Cooper Companies couponscom Covance Cree Cubist Pharmaceuticals

Dean Foods DENTSPL Y International

Discovery Communications Class C Dollar General Dollar Tree

Dropbox Dropbox Class A Dropbox Class A-1

DSW Class A

Edwards Lifesciences

Elan ADR

EQT

Equifax FactSet Research Systems Fastenal Fiserv Franco-Nevada

Fresh Market Gardner Denver Gartner Gentex Global Payments Green Mountain Coffee Halcon Resources Harley-Davidson

HCC Insurance Holdings Henry Schein Hertz Global Holdings IDEX

IDEXX Laboratories IHS

Iliumina Incyte Intercontinental Exchange

Intersil Holding Class A IPG Photonics JB Hunt Transport Services JDS Uniphase Jones Lang LaSalle Kansas City Southern Industries Kohls

Laboratory Corporation of America Laredo Petroleum Holdings Liberty Interactive Class A Linkedln LivingSocial ManpowerGroup

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

1375000 95356250 0476

4000000 167880000 0837

3500000 143640000 0716

5250000 185272500 0924

1500000 95940000 0478

1500000 138210000 0689

5250000 124477500 0621

3000000 106410000 0531

6500000 235625000 1175

8000000 346880000 1730

2250000 40702500 0203

1550000 38347000 0191

18000000 125280000 0625

500000 198385000 0989

2000000 71 840000 0358

7600000 215916000 1077

1075000 51 148500 0255

3050000 78141 000 0390

7250000 138475000 0691

1591 000 160340980 0800

739765 43986427 0219

14250000 293550000 1464

6250000 218687500 1091

7250000 302325000 1508

3979000 211 006370 1052

4000000 147760000 0737

2525750 111 259288 0555

5750000 101 717500 0507

2100000 218778000 1091

225000 73320750 0366

2550000 107890500 0538

1500000 87135000 0435

2150000 100061 000 0499

1750000 120155000 0599

1200000 129456000 0646

7631 664 20891 680 0104

3400000 252688000 1260

2000000 109420000 0546

1000000 46820000 0234

5000000 90650000 0452

7500000 318150000 1587

1000000 69540000 0347

4500000 227610000 1135

3050000 147711500 0737

441 181 3393447 0017

581 600 4473513 0022

2884077 22183556 0111

1500000 95700000 0477

1000000 82160000 0410

6003700 70843660 0353

3500000 237125000 1183

3000000 172770000 0862

2000000 185200000 0924

5250000 269587500 1345

3500000 307405000 1533

3000000 136939509 0683

1000000 42770000 0213

1591 000 119500010 0596

6000000 326460000 1628

250000 5002500 0025

2586000 128420760 0640

2625000 148995000 0743

5000000 38950000 0194

2500000 133250000 0665

3750000 157612500 0786

2000000 185100000 0923

7000000 155820000 0777

4500000 240390000 1199

2000000 184780000 0922

3200000 335104000 1671

1300000 70200000 0350

2250000 52672500 0263

725000 118225750 0590

1850000 16113500 0080

950000 63089500 0315

2000000 148960000 0743

15000000 200550000 1000

1151 000 114420910 0571

1600000 177440000 0885

3500000 161 455000 0805

3000000 270600000 1350

2750000 50297500 0251

4400000 94072000 0469

325000 57219500 0285

9229900 5353342 0027

4750000 269420000 1344

Page 1

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803

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Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

Search T Rowe Price I [ Search I

800-638-5660 Call an Investment Guidance Specialist

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

Financials

Presentations

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Contacts

FAQs

Frequently Asked Questions

Shareholders 1 Client Services 1 Company Information

Annual Report Request

Transferring Shares of Morgan Stanley Stock

Change of Address for My Dividend and Share Accounts with Morgan Stanley

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Obtaining a New Stock Certificate

Tax Cost Basis Worksheet

Transferring Shares of Morgan Stanley Stoc Q How do I transfer Morgan Stanley shares from one shareholder to another A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Contacting us by Regular Mail Computershare POB 43006 Providence RI 02940-3006 USA

Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

Direct Share Purchase and Dividend Reinvestment Program (DRIP) Q I would like to enroll in your direct stock purchase and diVidend reinvestment plan How do I get started A Please call our plan record keeper Computershare at 1-800-622-2393 or write to

Computershare POB 43006 ProVidence RI 02940-3006 USA

Obtaining a New Stock Certificate Q How do I obtain a new stock certificate A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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The purpose of this site is to provide information from and about the Judicial Branch of the US Government

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ltlt Back

Page 26: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

T Rowe Price Mid-Cap Growth Fund (Unaudited)

Portfolio of Investments

Equity amp Debt Securities

Marriott Class A

McDermott International

MEDNAX

Mettler-Toledo International

Microchip Technology

MICROS Systems

Motorola Solutions

MSCI Class A

Netflix

Norwegian Cruise Line Holdings

Nuance Communications

ONYX Pharmaceuticals

OReilly Automotive

Pall

Panera Bread Class A

Pharmacyclics

Pioneer Natural Resources

Progressive

Quanta Services

Range Resources

Red Hat

Regeneron Pharmaceuticals

Rexnord

Rockwood Holdings

Roper Industries

SanOisk

Sensata Technologies Holding

ServiceNow

SM Energy

Southwestern Energy

Starbucks

T Rowe Price Government Reserve Investment Fund T Rowe Price Short-Term Reserve Fund

TCF Financial

TO Ameritrade Holding

T esla Motors

Textron

Theravance

TIBCO Software

Tim Hortons

Treehouse Foods

Trimble Navigation

TripAdvisor

Universal Health Services

Valeant Pharmaceuticals International

Vantiv

Veri Sign

Verisk Analytics Class A

Vertex Pharmaceuticals

WABCO Holdings

Waste Connections

Wellcare Health Plans

Whole Foods Market

Wi llis Group Holdings

Workday

Workday

Xilinx

Zoetis

Miscellaneous Securities t Total Investments in Securities

NET ASSETS

NET ASSET VALUE PER SHARE

Mid-Cap Growth Fund -Investor Class

($18817306910297783673 shares outstanding)

Mid-Cap Growth Fund - Advisor Class

($96680679015625769 shares outstanding)

Mid-Cap Growth Fund - R Class

($266344317 14384 268 shares outstanding)

RPMGX 31-Mar-2013

Coupon Maturity SharesPar Value ($) of Net Assets

4000000 168920000 0842

12250000 134627500 0671

1500000 134445000 0671

225000 47974500 0239

3000000 110280000 0550

691400 31465614 0157

3500000 224105000 1118

5900000 200187000 0998

600000 113646000 0567

2250000 66712500 0333

5362970 108224735 0540

1000000 88860000 0443

1750000 179462500 0895

3850000 263224500 1313

550000 90882000 0453 675000 54276750 0271

1000000 124250000 0620

6500000 164255000 0819

9525000 272224500 1358

3250000 263380000 1314

4000000 202240000 1009

700000 123480000 0616 1575000 33437250 0167

2550000 166872000 0832

2500000 318275000 1587

1750000 96250000 0480

3000000 98610000 0492

2700000 97740000 0487

3500000 207270000 1034

4750000 176985000 0883

250000 14240000 0071

008 900180062 900180062 4490

011 922459 9224592 0046

8250000 123420000 0616

8500000 175270000 0874

600000 22734000 0113

10000000 298100000 1487

2900000 68498000 0342

4000000 80880000 0403

2600000 141 232000 0704

2000000 130300000 0650

3482000 104320720 0520

2250000 118170000 0589

2400000 153288000 0765

1500000 112530000 0561

4050000 96147000 0480

3000000 141 840000 0707

2875000 177186250 0884

1500000 82470000 0411

2500000 176475000 0880

3500000 125930000 0628

1250000 72450000 0361

1100000 95425000 0476

3000000 118470000 0591

918400 56600992 0282

813385 47622472 0238

5000000 190850000 0952

435000 14529000 0072

20912332

20200719971

20050458016

6319

6187

6075

Page 2

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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Site Map Privacy Policy Terms of Use Legal Information Other T Rowe Price Sites [+] Feedback ~ Ell Youm shyCopyright 2014 T Rowe Price Investment Services Inc Distributor All rights reserved

httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

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Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

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Computershare POB 43006 ProVidence RI 02940-3006 USA

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Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

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Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

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IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

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httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 27: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Source httpindividualtrowepricecomgcFilespdfarmcgpdf

T Rowe Price Mid-Cap Growth Fund

RPMGX

Summary of Facebook conflicts of interests Code of Conduct for United States Judges

ldquoAvoid even the appearance of improprietyrdquo Relationship to Facebook (Conflict of Interest)

LinkedIn Corp

Facebook director Reid Hoffman is the founder and CEO of LinkedIn It now notoriously known that Hoffman provided business coaching and early financing

to Mark Zuckerberg while he was still a student at Harvard in 2003 LinkedIn software mimics Facebookrsquos functionality perhaps this is no coincidence

Workday Inc This company is financed by principal Facebook investors and underwriters

including T Rowe Price and Morgan Stanley httpwwwcrunchbasecomcompanyworkday

Tesla Motors Inc

Michael G Rhodes Cooley Godward LLP Facebookrsquos litigator in Leader Technologies Inc v Facebook Inc cv-08-862-JJF-LPS (D Del 2008) was

appointed Chief Counsel to Tesla Motors five months before the trial Tesla Motors received $465 million in energy stimulus funds at the recommendation

of McBee Strategic LLC and Michael Sheehy former National Security Adviser for

House Speaker Nancy Pelosi Zusha Elinson ldquoMichael Rhodes (Cooley Godward LLP Tesla Motors)rdquo The Recorder wwwcallawcom Feb 22 2010 lthttpwwwcooleycomfilesRhodesThe20Recorder22210pdfgt See alsolthttpwwwscribdcomdoc144432049Zusha-Elinson-E2809CMichael-Rhodes-THE-RECORDER-Feb-22-2010-Accessed-May-29-2013gt

Petition for Writ of Certiorari Leader Technologies Inc v Facebook Inc No 12-617 Nov 16 2012 lthttpwwwscribdcomdoc113545399Petition-for-Writ-of-Certiorari-Leader-Technologies-Inc-v-Facebook-Inc-No-12-617-U-S-Supreme-Court-Nov-16-212-clickable-citationsgt

Dropbox Inc This company is funded by Facebookrsquos former director and largest shareholder

James W Breyer Accel Partners LLP and Goldman Sachs among others httpwwwcrunchbasecomcompanydropbox

Verisign Facebookrsquos largest shareholder and former chairman and director James W

Breyer Accel Partners is a founding financier and partner with Verisign Archana Rai Verisign India chief joins VC firm Accel The Indian Economic Times Jan 26 2011 lthttparticleseconomictimesindiatimescom2011-01-26news28425434 1 venture-capital-canaan-partners-early-stage-fundgt See also httpwwwscribdcomdoc199987940VeriSign-India-Chief-Joins-VC-Firm-Accel-The-India-Economic-Times-Jan-26-2011

Yellow Highlight (previous pages) = Notorious Facebook collaborator

Mutual Funds Prospectuses and Reports - T Rowe Price

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httpindividualtroweprice com publicReta i 11M utua I-Fu ndsh ProspectusesampReportsProspectuses-amp -Reports[ 1 1120 14 10 23 08 AM]

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httpwww2blackrockcomusindividua H nvestors products-performance mutual-funds electronic-del ivery[ 11520 14 8 24 08 PM]

Morgan Stanley - Investor Relations

Overview

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Annual Report Request

Transferring Shares of Morgan Stanley Stock

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Contacting us via Overnight Mail Computershare 250 Royall Street Canton MA 02021 USA

stock Information

NYSEMS 3222 112

52-Week 31 92 - 1985

Currency is in USD January 15 20141 Quote delayed 20 minutes

bullbullbull Mna Change of Address for My Dividend and Share Accounts with Morgan Stanley Q I am a Morgan Stanley shareholder How do I change my address for my dividend checks annual report to shareholders

and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

Computershare POB 43006 Providence RI 02940-3006 USA

Note If you need to change your address with your Morgan Stanley brokerage account please contact your financial advisor or branch office

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Computershare POB 43006 Providence RI 02940-3006 USA

laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

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D 1

Oppenheimer Holdings Inc Annual Reports

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httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

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The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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Morgan Stanley - Investor Relations

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atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

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The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 30: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Morgan Stanley - Investor Relations

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and other company information A Please call our Transfer Agent Computershare at 1-800-622-2393 or write to

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laquoida

atM-mil

httpwwwmorganstanleycomabout irfaq html[1I 152014 836 1 0 PM]

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

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raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 31: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Figtod-IOKomlt Sector Rope

lperspectivessectorreporthigh-yield sector reportshigh-yield-and-hank-loan-outlook-january-20 14

GUGGEnHEim

OUR FIRM OUR SERVICES CITIZENSHIP OJEEItS CONTACT lIS

1 lco OUtl OOO_ J Y 2ltl

High 1Ifl_~lary 2014

~ DOWtllOAD PDf t fOllOW scon I H SHARE I 8+1

JAHUARYU62014

Improving US macroeconomic conditions should spur additional inves tor demand for

high -yield bonds and bank loans part icularly with defaults exceptionally low Still inves tors

should monitor trends pointing to an erosion of safety in leveraged credit

High -yie ld bonds nd bnks lons enjOyed ~ fifth consutive ye r of pos it ive returns in 2013 with nnu1 returns of 7 5 percent nd 6 1 percent respectively In 2014 the strengthening U S onomy nd bull growing need to keep with in durt ion trgets should be the most prominent themes drM ng high -yie ld demand However investors should te mpe r return epectat ions in high -yie ld bonds to single digit leve ls Irgely sourced from coupons and cush ioned by low spread durt ion

Given rord low yie lds aggressive cpit1 mrket act Mty nd rord demand in bnk lons we sense n eros ion of safety beneth the surface The prominence of covennt~ it e lons the gradu1 uptick in pyment~n -kind (PIK) toggle

notes nd the acceleration of corporte bond rating downgrades re concern ing Muchsn eroding dm cn re main stnding until tested by ~oOOwaters leveraged cred it may be undergoing si mi lar degradt ion oot wi ll not ulti mately be tested until the rising tide of defu lts appers wh ich we be li eve to be years away Careful cred it analys is is of upmost importnce in these markets oot we see litt Ie immediate risk of a mean ingfu l downturn t hat wou ld test leveraged cred it

REPORT HIGHLIGHTS

Cnnt~ite lons represented 57 percent of tot1 bank lon issuance in 2013 and now represent neny ha~ of the bank loan market Investors should closely mon it or trends inlticat ing dimi nishing investor prott ions The consequences of weaker covenants li e beyond the horizon as the U S Federal Reserve cont inu es to inject I~ t t~ t h~ hrnA ~1rket The epectt ion of short -term rates at the zero-bound over the neld 18 months to 2

CLI EN T LOGIN

EARCI1

OCTOBER 21)13

H igh Yie ld and Bank loan Outlook - October 1013 f_montol fclors _rlyi1~

the oorporoto seclor oont~ to _rsoorlt Or oonotructivo ston 0 Iovoroltlaquo croltll IwWOYOf wotors shok ~o~re for he9htenod Ql volotlly orrOd s~ft~~ tocMicol dyn3rTics ~ tile 01 mo

SEPTEMBE R21)l l

Rising Interest Rates Must End Soon wtIy w y tile t opportun~me to tgtuv lt1 tIlO ot ony trno ~ tile ~t two yosrs

WoCROVIEW

JA NUARY 21)14

Keep Optimistic and Carry On

111 is lilltoly to other 11lt1

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

raquo Annual Reports

raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 32: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Welcome to Oppenheimer amp Co Inc - About Oppenheimer - Investor Relations

IIgt History

Investor Relations

raquo Press Releases

C gt Interim Reports

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raquo Non-GAAP Financial Measures

raquo Proxy Statement

raquo SEC Filings on EDGAR

raquo XBRL Files

raquo Regulatory Filings on SEDAR

raquo Corporate Governance

IIgt Careers

D 1

Oppenheimer Holdings Inc Annual Reports

bull 2012 Annual Report bull Annual Report 2012 - Summary - HTML Version bull Annual Report 2012 - Summary - PDF bull Annual Report 2012 - Summary with Form 10-K - PDF bull Annual Report on Form 10-K for the Year Ended December 31 2012

bull 2011 Annual Report bull 2010 Annual Report bull 2009 Annual Report bull 2008 Annual Report bull 2007 Annual Report bull 2006 Annual Report bull 2005 Annual Report bull 2004 Annual Report bull 2003 Annual Report bull 2002 Annual Report bull 2001 Annual Report bull 2000 Annual Report bull 1999 Annual Report bull 1998 Annual Report

httpwwwopcocompublicabout_oppenheimerannual_reportshtml[ I I 1520 14 852 54 PM]

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

httpwwwuscourtsgovNewsTheThirdBranch06-12-0 lTransparency 3akes_Shapeaspx[ II 1 520 14 94847 PM]

Visit the Third Branch News for the latest news top

stories and feature articles from the Judiciary

December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

gt Planning for a Pandemic

gt A Focus on Federal Practice An Interview with FBA President William LaForge

gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

gt Bankruptcy Filings Decline in FY 2006

gt Danger Part of the Job for Probation Pretrial Services Officers

gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

Judicial Milestones

Judicial Boxscore

The Third Branch Archives

Search by word or phrase 1 I_

The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 33: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

The Third Branch

DECEMBER 2006

This article is in the news archives -- for current news go to the Third Branch News

Transparency Takes Shape

The Judicial Conference adopted new policies on ethics and accountability in September 2006 Now policy is being

put into practice with the use of automated connict checking and the posting on the web of educational seminar

sponsors

Educational Seminars Sources

Beginning January 1 2007 nongovemmental organizations inviting a federal judge to attend an educational program

-a Significant purpose of which is the education of federal or state judges-and that pay for or reimburse that judge

over a certain dollar amount will be required to disclose financial and program information on the Judiciarys website

The policy applies if the judge is invited as a speaker panelist or attendee An automated system which will be

available at wwwuscourtsgov is being developed for program providers to report their information

The Judiciary recognizes that judges attendance at some educational seminars had posed concerns for some said

Judge D Brock Hornby chair of the Judicial Conference Committee on the Judicial Branch Our objective in making

this policy was to give greater transparency and accountability while allowing judges to continue their education The

Committee believes that judges access to knowledge should be neither limited nor censored

The Judicial Conference excludes certain organizations from the disclosure policy including state and local bar

associations national state and local subject-matter bar associations judicial associations the National Judicial

College and the Judicial Division of the American Bar Association The reporting requirement is triggered when any

payment or reimbursement is above the threshold at which judges must report gifts and reimbursements on their

annual financial disclosure reports-currently $305

Under the new Judicial Conference policy educational program providers are required to disclose the name of the

programs sponsors the name or title of the program dates and location of the program various presentation topics

and the expected speakers and all the program providers sources of support financial or otherwise Judges are

barred from accepting reimbursements unless they first determine that the program providers have made the required

disclosures In addition judges who accept invitations from such program providers must within 30 days of the end of

the program file a report with their courts clerk disclosing the dates of attendance the name of the program

=---== - Conflict Screening Policy

Judicial circuit councils are in the process of drawing up plans to implement mandatory conflict screening

The new conflict screening policy approved by the Judicial Conference in September 2006 requires courts and

judges to use automated screening software to help identify cases in which they may have a financia l conflict of

interest and should disqualify themselves The screening can also be used to check for nonfinancial conflicts The

software has been deployed by the Administrative Office as part of the Case ManagemenUElectronic Case Files

(CMECF) system used by nearly all district and bankruptcy courts As appeals courts begin implementing the

CMECF system over the next year theyll also begin using the accompanying conflict checking software

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December 2006

Inside This Edition

gt t 09th Congress and Pending Legislation Wrap Up

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gt Transparency Takes Shape

gt Safeguards in Place on Tax and Personal Information

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gt Judge Was Eyewitness to Two Worst Terrorist Attacks in US

gt The Third Branch - December 2006

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The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

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The Third Branch

As new matters are docketed in CMECF the conflict checking software compares names of parties and attomeys to

the names on a judges recusallisl

However the software cannot catch every conflict And thats due in part to the ever-changing nature of big business

-Keeping track of conflicts can be extremely complicated - said Judge Gordon J Quist chair of the Judicial

Conference Committee on Codes of Conduct Especially when mergers and acquisitions lead to continual changes in

investment portfolios The parties are responsible for providing notice of corporate changes and the courts need to

make SUrethis happens And judges should always perfonm a manual check for conflicts in addition to the automated

~ning

The AO with the Judicial Conference Committee on Codes of Conduct and with input from judges circuit executives

and clerks of court has prepared a model plan for conflict screening that addresses key issues and offers sample

language spelling out the obligations of courts and judges The model plan also offers a number of options for

possible adoption by circuit councils or courts For example one option is to detenmine how frequently screening

software will run Circuit councils will report to the Judicial Conference on their preliminary plans by January 31 2007

httpwww uscourtsgovNewsTheThirdBranch06-12-0 lTransparency _ Takes_Shapeaspx[ 11520 14 948 4 7 PM)

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 35: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

httpwww cadc u scou rts gov i nternetho me nsfCo ntentVL 20-20 R u les2 0 Po I i ci es20 P roced u res20-20 Mandato ry20Confl ict

20Screening20Plan$FILEmandatoryconflictplanfinaI2pdf See also httpwwwscribdcomdoc200015259JUDICIAL-COUNCIL-OF-THEshyDISTRICT-OF-COLUMBIA-CIRCUIT-MANDATORY-CONFLICT-SCREENING-PLAN-accessed-Jan-15-2013

JUDICIAL COUNCIL OF THE DISTRICT OF COLUMBIA CIRCUIT

MANDATORY CONFLICT SCREENING PLAN

Preface On September 19 2006 the Judicial Conference of the United States adopted a mandatory conflict screening policy requiring courts and judges to implement automated screening to identify financial conflicts of interest Although automated screening (like manual screening) is not foolproof it is a valuable tool for detecting possible financial and other conflicts of interest The Judicial Conference policy is to be administered and directed by the circuit councils or by those individual courts not subject to the authority of a circuit council

Authority The Judicial Council of the District of Columbia Circuit adopts this plan under the authority set forth in 28 USC sect 332(d)(1) and in accordance with the mandatory financial conflict screening policy adopted on September 19 2006 by the Judicial Conference

sect 1 Scope This plan applies to the court of appeals district court and bankruptcy court within the District of Columbia Circuit as defined by law and to each judge of those courts in regular active service retired under 28 USC sectsect 371 (b) or 372(a) and performing duties pursuant to a designation under 28 USC sectsect 291 to 294 or recalled to judicial service This plan does not apply to judges retired under 28 USC sectsect 371 (b) or 372(a) but not performing duties or retired judges eligible for recall but not serving on recall

sect 2 Definitions For purposes of this plan

(a) Conflict of interest refers to an interest that disqualifies a judge as provided in Canon 3C(1) of the Code of Conduct for United States Judges See also 28 USC sect 455(a) (b)

(b) Financial conflict or financial conflict of interest refers to a financial interest that disqualifies a judge as provided in Canon 3C(1 )(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(b)(4)

(c) Financial interest has the meaning set forth in Canon 3C(3)(c) of the Code of Conduct for United States Judges See also 28 USC sect 455(d)(4)

(d) Judge refers to circuit district bankruptcy and magistrate judges and any other judicial officers subject to the Code of Conduct for United States Judges

sect 3 Court Obligations Each court shall implement automated screening to identify possible financial conflicts of interest for each judge appointed designated and assigned transferred temporarily assigned or recalled to serve the court Each court shall use the screening component of the Case ManagementElectronic Case Files (CMECF) system or the screening component of the Appellate Information Management System (AIMS) Additionally pursuant to sect 6 of this plan the circuit council approves the use by the court of appeals of its automated calendaring program (CABS) to further aid in the implementation of this policy In implementing the screening each court shall

-1-

(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

-2-

(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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(a) enter the following information into the database used for automated screening or (when feasible) arrange for the parties to do so the parties attorneys law firms and corporate parents disclosed by the parties

(b) at the request of a judge enter the judges conflicts list into the database used for automated screening or assist the judge or chambers staff to do so

(c) take reasonable steps to ensure that parties andor attorneys provide information needed for conflict screening including corporate parent statements as required by Fed R App P 261 Fed R Bankr P 1007(a)(1) and 70071 Fed R Civ P 71 Fed R Crim P 124 and local court rules that supplement the relevant Federal Rules

(d) conduct automated screening on a regular schedule including screening new matters as they are assigned or to be assigned to a judge or panel and screening all existing matters periodically or after each new entry of relevant information into the database used for automated screening

(e) notify the judge (or designee) when a possible conflict is identified

(f) provide periodic notices to judges reminding them to review and update their conflicts lists and to review and update the designee who will receive notice when a possible conflict is identified and

(g) provide information training and assistance to judges and staff to facilitate their participation in automated screening

sect 4 Obligations of Judges Each judge has the ultimate responsibility for identifying and avoiding conflicts of interest and should ensure that assigned matters are reviewed for conflicts before action is taken in the matter To assist in discharging this obligation each judge shall use automated screening to identify financial conflicts of interest by using the screening system implemented by each court to which the judge is appointed designated and assigned transferred temporarily assigned or recalled to serve Each judge may also use the courts automated screening to identify conflicts of interest other than financial conflicts While the United States Judicial Conference mandates the use of automated screening for conflicts nothing in this policy precludes judges from supplementing automated screening resources by utilizing additional methods such as manual screening to identify conflicts Each judge also shall

(a) keep informed about personal and fiduciary financial interests and make a reasonable effort to keep informed about the personal financial interests of the spouse and minor children residing in the household as required by Canon 3C(2) of the Code of Conduct for United States Judges see also 28 USC sect 455(c)

(b) develop a conflicts list identifying financial conflicts for use in automated screening

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(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

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(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

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(c) review the conflicts list at regular intervals and update the conflicts list as financial interests change

(d) employ the conflicts list in the courts automated screening by entering the interests listed into the database used for automated screening the information may be entered personally by chambers staff or with the assistance of court staff and

(e) when notice is provided to the judge (or designee) that a possible conflict has been identified determine or cause to be determined whether a conflict exists and then arrange for appropriate action to resolve the conflict (ie nonassignment recusal divestiture of the interest)

sect 5 Exceptions

(a) Upon application the circuit council shall except a court from sect 3 of this plan and shall except the judges of that court from sect 4 of this plan where automated screening through CMECF AIMS or any other automated screening system is not available The circuit council shall limit the duration of the exception to the time period necessary to allow the court to implement automated screening as provided in this plan

(b) Upon application the circuit council may except a judge from sect 4 of this plan where the circumstances indicate that the judges participation in automated screening is unnecessary to identify financial conflicts of interest or is otherwise infeasible including in the following circumstances

(1) the judge has no case currently assigned and is not receiving new assignments (eg due to serious illness) or

(2) the judge files a written certification stating that he or she knows of no financial interest attributable to the judge requiring disqualification as a financial conflict of interest and does not expect to acquire such an interest in the foreseeable future

The circuit council shall specify the duration of the exception (Le a specified time period or permanent) provided however that an exception under sect 5(b)(2) of this plan shall not exceed one year

sect 6 Approval of Alternative Screening A court may request that the circuit council approve an alternative automated screening system other than CMECF or AIMS (such alternative system may not receive automation support from the Administrative Office) The circuit council shall approve an alternative system only if its functionality is comparable to the automated screening in CMECF or AIMS in all major respects including the ability to

(a) create and store electronically a judges conflicts list

(b) compare entries on a judges conflicts list to parties attorneys law firms and corporate parents in the courts docket

(c) allow for screening on a regularly scheduled basis and on an ad hoc basis and

-3-

(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

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Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

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ltlt Back

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(d) provide notice to a judge when a possible conflict is identified

sect 7 Reporting Obligations

(a) Each chief judge shall make such reports as are requested by the circuit council

(b) The circuit council shall make such reports as are requested by the Judicial Conference

sect 8 Confidentiality of Conflicts Lists Nothing in this plan requires a court or judge to disclose the interests listed on a conflicts list to anyone except to the limited extent necessary in the courts implementation of its automated screening

sect 9 Enforcement Under the authority of 28 USC sect 332(d)(1) courts and judges subject to this plan must comply with its requirements A judge who violates this plan may be subject to discipline in accordance with 28 USC sectsect 332(d)(2) and 351-364 A judge appointed by a court who violates this plan may be subject to discipline by the appointing court in accordance with existing customary practices

sect 10 Effective Date This plan takes effect on January 1 2008

Adopted by the Judicial Council of the District of Columbia Circuit on December 20 2007

-4-

Code of Conduct for United States Judges

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- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back

Page 39: Rembrandt Social Media, LP under the safe harbor mutual ...€¦ · the stocks in his portfolio; (3) funds with notorious activity (like T.RowePrice and Fidelity pre-IPO Facebook

Code of Conduct for United States Judges

httpwwwuscourtsgovRulesAndPoliciesCodesOfConductCodeConductUnitedStatesJudgesaspx[1162014 101322 AM]

Home gt Rules amp Policies gt Codes of Conduct gt Code of Conduct for United States Judges email updates RSS

CODE OF CONDUCT FOR UNITED STATES JUDGES print share FAQs

FEDERAL COURTS RULES amp POLICIES JUDGES amp JUDGESHIPS STATISTICS FORMS amp FEES COURT RECORDS EDUCATIONAL RESOURCES NEWS

Home | Your Court Services | Court Locator | Careers | RSS Feeds | Email Updates

- A +Text-Size SEARCH

Introduction

CANON 1 A JUDGE SHOULD UPHOLD THE INTEGRITY AND INDEPENDENCE OF THE JUDICIARY

CANON 2 A JUDGE SHOULD AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY IN ALL ACTIVITIES

CANON 3 A JUDGE SHOULD PERFORM THE DUTIES OF THE OFFICE FAIRLY IMPARTIALLY AND DILIGENTLY

CANON 4 A JUDGE MAY ENGAGE IN EXTRAJUDICIAL ACTIVITIES THAT ARE CONSISTENT WITH THE OBLIGATIONS OF JUDICIAL OFFICE

CANON 5 A JUDGE SHOULD REFRAIN FROM POLITICAL ACTIVITY

Compliance with the Code of Conduct

Applicable Date of Compliance

Last substantive revision (Transmittal GR-2) June 30 2009Last revised (minor technical changes) June 2 2011

Download Judicial Code of Conduct for United States Judges (pdf)

Contact Us | Careers | Privacy amp Security Policy | Judicial Conduct amp Disability | Glossary of Legal Terms

Widgets | Translate | BrowseAloud | Operating Status

This site is maintained by the Administrative Office of the US Courts on behalf of the Federal Judiciary

The purpose of this site is to provide information from and about the Judicial Branch of the US Government

Go

ltlt Back