-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rb4D9EIC5ZA/HeqQLmntK+brmXVapPCDp3Ti2q8TPIoS3RCjFQnWWmLoKUUkf+ss AeI3nhPaiwVwE6lcsbypUg== 0000950135-04-004290.txt : 20040831 0000950135-04-004290.hdr.sgml : 20040831 20040831155645 ACCESSION NUMBER: 0000950135-04-004290 CONFORMED SUBMISSION TYPE: N-PX PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040630 FILED AS OF DATE: 20040831 DATE AS OF CHANGE: 20040831 EFFECTIVENESS DATE: 20040831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECTOR SPDR TRUST CENTRAL INDEX KEY: 0001064641 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-PX SEC ACT: 1940 Act SEC FILE NUMBER: 811-08837 FILM NUMBER: 041008526 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02210 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02210 N-PX 1 b51579ssnvpx.txt SELECT SECTOR SPDR TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-08837 The Select Sector SPDR(R) Trust ------------------------------- (Exact name of registrant as specified in charter) 225 Franklin Street, Boston, MA 02110 --------------------------------------- (Address of principal executive offices) (Zip code) Stephanie M. Nichols, Esq., State Street Bank and Trust Company, One Federal Street, Boston, MA 02110 ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: _(303) 623-2577 Date of fiscal year end: _September 30 Date of reporting period: June 30, 2004 Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (Sections 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant's proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507. 1 Item 1. Proxy Voting Record. VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 05/27/04 - A ACE LTD. *ACE* G0070K103 04/08/04 91,154 MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 2 PROPOSAL TO APPROVE THE ACE LIMITED 2004 For For Mgmt LONG-TERM INCENTIVE PLAN. The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans and other favorable terms of the plan. A vote in favor of this proposal is recommended. 3 PROPOSAL TO RATIFY THE APPOINTMENT OF For For Mgmt PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT ACCOUNTANTS OF ACE LIMITED FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004. 05/03/04 - A AFLAC INCORPORATED *AFL* 001055102 02/25/04 196,159 1 Elect Directors For For Mgmt 1.1 Elect Director Daniel P. Amos --- For 1.2 Elect Director John Shelby Amos II --- For 1.3 Elect Director Michael H. Armacost --- For 1.4 Elect Director Kriss Cloninger III --- For 1.5 Elect Director Joe Frank Harris --- For 1.6 Elect Director Elizabeth J. Hudson --- For
2 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.7 Elect Director Kenneth S. Janke, Sr. --- For 1.8 Elect Director Douglas W. Johnson --- For 1.9 Elect Director Robert B. Johnson --- For 1.10 Elect Director Charles B. Knapp --- For 1.11 Elect Director Hidefumi Matsui --- For 1.12 Elect Director Nobuhiro Mori --- For 1.13 Elect Director E. Stephen Purdom, M.D. --- For 1.14 Elect Director Barbara K. Rimer, Ph.D. --- For 1.15 Elect Director Marvin R. Schuster --- For 1.16 Elect Director Glenn Vaughn, Jr. --- For 1.17 Elect Director Robert L. Wright --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/04/04 - A AMBAC FINANCIAL GROUP, INC. *ABK* 023139108 03/09/04 53,512 1 Elect Directors For For Mgmt 1.1 Elect Director Phillip B. Lassiter ---
3 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 1.2 Elect Director Michael A. Callen --- For 1.3 Elect Director Renso L. Caporali --- For 1.4 Elect Director Jill M. Considine --- For 1.5 Elect Director Richard Dulude --- For 1.6 Elect Director Robert J. Genader --- For 1.7 Elect Director W. Grant Gregory --- For 1.8 Elect Director Laura S. Unger --- For 1.9 Elect Director Henry D. G. Wallace --- For 2 Increase Authorized Common Stock For For Mgmt The size of the increase (75%) requested falls within guidelines. 3 Amend Non-Employee Director Omnibus Stock For For Mgmt Plan 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/26/04 - A AMERICAN EXPRESS CO. *AXP* 025816109 02/27/04 491,917 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Establish Term Limits for Directors Against Against ShrHoldr
4 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 4 Report on Political Against Against ShrHoldr Contributions/Activities 05/19/04 - A AMERICAN INTERNATIONAL GROUP, INC. 026874107 03/26/04 993,232 *AIG* 1 Elect Directors For For Mgmt 2 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Non-Employee Director Stock For For Mgmt Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Report on Political Against Against ShrHoldr Contributions/Activities 6 Divest from Tobacco Equities Against Against ShrHoldr 7 Link Executive Compensation to Predatory Against Against ShrHoldr Lending 04/15/04 - A AMSOUTH BANCORPORATION *ASO* 032165102 02/17/04 122,839 1 Elect Directors For Split Mgmt
5 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Claude B. Nielsen --- For 1.2 Elect Director Cleophus Thomas, Jr. --- Withhold Cleophus Thomas, Jr. is an affiliated outsider on the audit and nominating committees. 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 5 Approve Non-Employee Director Stock For For Mgmt Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. 6 Political Contributions Against Against ShrHoldr
6 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 05/21/04 - A AON CORP. *AOC* 037389103 03/24/04 129,825 1 Elect Directors For For Mgmt 1.1 Elect Director Patrick G. Ryan --- For 1.2 Elect Director Edgar D. Jannotta --- For As per SSGA, Edgar D. Jannotta is stepping down from the Nominating Committee. 1.3 Elect Director Jan Kalff --- For 1.4 Elect Director Lester B. Knight --- For 1.5 Elect Director J. Michael Losh --- For 1.6 Elect Director R. Eden Martin --- For 1.7 Elect Director Andrew J. McKenna --- For 1.8 Elect Director Robert S. Morrison --- For 1.9 Elect Director Richard C. Notebaert --- For 1.10 Elect Director Michael D. O'Halleran --- For 1.11 Elect Director John W. Rogers, Jr. --- For 1.12 Elect Director Gloria Santona --- For 1.13 Elect Director Carolyn Y. Woo --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
7 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 04/30/04 - A APARTMENT INVESTMENT & MANAGEMENT 03748R101 03/05/04 47,016 CO. *AIV* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Sale of Company Assets For For Mgmt Inadequate terms; lack of fairness opinion 4 Limit Executive Compensation Against Against ShrHoldr 03/17/04 - S BANK OF AMERICA CORP. *BAC* 060505104 01/26/04 621,518 1 Approve Merger Agreement For For Mgmt Given the strategic benefits of the transaction, the high likelihood of realizing the cost savings and the possibility of additional revenue opportunities, the merger agreement warrants support. 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Increase Authorized Common Stock For For Mgmt The size of the increase (50%) requested falls within guidelines. 4 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for
8 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- more votes. 05/26/04 - A BANK OF AMERICA CORP. *BAC* 060505104 04/07/04 740,623 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Change Date of Annual Meeting Against Against ShrHoldr 4 Adopt Nomination Procedures for the Board Against Against ShrHoldr 5 Charitable Contributions Against Against ShrHoldr 6 Establish Independent Committee to Review Against Against ShrHoldr Mutual Fund Policy 7 Adopt Standards Regarding Privacy and Against Against ShrHoldr Information Security 05/25/04 - A BANK ONE CORP. 06423A103 04/02/04 413,532 1 Approve Merger Agreement For For Mgmt Bank One shareholders will own approximately 42 percent of the company and management control will shift to Mr. Dimon on the second anniversary of the merger close. The board composition will be split equally. J.P. Morgan determined that board participation at this level for Bank One was a condition to the deal. Bank One shareholders may have given up a low premium in exchange for the board representation and management succession with Mr. Dimon. However, considering Bank One's equity ownership in the combined entity relative to its contribution to earnings along with the strategic importance of the deal to both firms
9 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- and the potential cost savings, the tradeoff appears balanced. In aggregate, the deal presents a compelling case for both J.P. Morgan and Bank One shareholders due to the strategic benefits of the transactions, improved competitive position, cost synergies and the possibility of additional revenue opportunities. 2 Elect Directors For For Mgmt 2.1 Elect Director John H. Bryan --- For 2.2 Elect Director Stephen B. Burke --- For 2.3 Elect Director James S. Crown --- For 2.4 Elect Director James Dimon --- For 2.5 Elect Director Maureen A. Fay --- For 2.6 Elect Director Laban P. Jackson, Jr. --- For 2.7 Elect Director John W. Kessler --- For 2.8 Elect Director Robert I. Lipp --- For 2.9 Elect Director Richard A. Manoogian --- For 2.10 Elect Director David C. Novak --- For 2.11 Elect Director John W. Rogers, Jr. --- For 2.12 Elect Director Frederick P. Stratton, Jr. --- For 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
10 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 04/27/04 - A BB&T CORPORATION *BBT* 054937107 03/08/04 271,728 1 Amend Articles For For Mgmt 2 Amend Bylaws For Against Mgmt The potential negative impact of the proposed third and fourth amendments to the bylaws outweighs the benefits of an annual board and the increased accountability of directors. 3 Elect Directors For Split Mgmt 3.1 Elect Director John A. Allison Iv --- For 3.2 Elect Director Ronald E. Deal --- Withhold WITHHOLD votes from Albert F. Zettlemoyer and Ronald E. Deal for standing as affiliated outsiders on the Compensation and Nominating committees. 3.3 Elect Director Tom D. Efird --- For 3.4 Elect Director Albert O. Mccauley --- For 3.5 Elect Director Barry J. Fitzpatrick --- For 3.6 Elect Director J. Holmes Morrison --- For 3.7 Elect Director Jennifer S. Banner --- For 3.8 Elect Director Albert F. Zettlemoyer --- Withhold 4 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the
11 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- company's auditors. 6 Review Executive Compensation Policy Against For ShrHoldr SSGA supports performance-based compensation. 04/29/04 - A CAPITAL ONE FINANCIAL CORP. *COF* 14040H105 02/29/04 88,344 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 04/21/04 - A CHARTER ONE FINANCIAL, INC. *CF* 160903100 02/23/04 85,180 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt 04/24/04 - A CINCINNATI FINANCIAL CORP. *CINF* 172062101 02/27/04 61,435 1 Elect Directors For Split Mgmt 1.1 Elect Director Michael Brown --- Withhold
12 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- Michael Brown is an affiliated outsider on the nominating commitee. 1.2 Elect Director Dirk J. Debbink --- For 1.3 Elect Director Robert C. Schiff --- For 1.4 Elect Director John M. Shepherd --- For 1.5 Elect Director Douglas S. Skidmore --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/20/04 - A CITIGROUP INC. *C* 172967101 02/27/04 1,972,670 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr 4 Report on Political Against Against ShrHoldr Contributions/Activities 5 Prohibit Awards to Executives Against Against ShrHoldr 6 Separate Chairman and CEO Positions Against Against ShrHoldr 05/18/04 - A COMERICA INC. *CMA* 200340107 03/22/04 74,287 1 Elect Directors For For Mgmt 1.1 Elect Director Ralph W. Babb, Jr. --- For 1.2 Elect Director James F. Cordes --- For
13 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.3 Elect Director Peter D. Cummings --- For 1.4 Elect Director Todd W. Herrick --- For 1.5 Elect Director William P. Vititoe --- For 1.6 Elect Director Kenneth L. Way --- For 2 Approve Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Approve Non-Employee Director Omnibus For For Mgmt Stock Plan 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 01/09/04 - S COUNTRYWIDE FINANCIAL CORP. *CFC* 222372104 11/28/03 44,076 1 Increase Authorized Common Stock For For Mgmt The number of additional authorized common shares sought in this proposal exceeds guidelines (108%). The company declared a 4-for-3 stock split, in which 46 million common shares will be distributed on Dec. 17, 2003 to shareholders.
14 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 06/16/04 - A COUNTRYWIDE FINANCIAL CORP. *CFC* 222372104 04/19/04 82,444 1 Elect Directors For For Mgmt 1.1 Elect Director Henry G. Cisneros --- For 1.2 Elect Director Robert J. Donato --- For 1.3 Elect Director Michael E. Dougherty --- For 1.4 Elect Director Martin R. Melone --- For 1.5 Elect Director Harley W. Snyder --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 15%, and the reasonable terms of the plan. 05/27/04 - A E*TRADE GROUP, INC. *ET* 269246104 04/05/04 134,000 1 Elect Directors For For Mgmt 1.1 Elect Director Ronald D. Fisher --- For 1.2 Elect Director George A. Hayter --- For 1.3 Elect Director Donna L. Weaver --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
15 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 05/19/04 - A EQUITY OFFICE PROPERTIES TRUST *EOP* 294741103 03/12/04 193,772 1 Elect Directors For For Mgmt 1.1 Elect Director Thomas E. Dobrowski --- For 1.2 Elect Director William M. Goodyear --- For 1.3 Elect Director James D. Harper, Jr. --- For 1.4 Elect Director Richard D. Kincaid --- For 1.5 Elect Director David K. Mckown --- For 1.6 Elect Director Sheli Z. Rosenberg --- For 1.7 Elect Director Edwin N. Sidman --- For 1.8 Elect Director J. H.W.R. Van Der Vlist --- For 1.9 Elect Director Samuel Zell --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/28/04 - A EQUITY RESIDENTIAL *EQR* 29476L107 03/29/04 104,034 1 Elect Directors For For Mgmt 1.1 Elect Director John W. Alexander --- For 1.2 Elect Director Charles L. Atwood --- For 1.3 Elect Director Bruce W. Duncan --- For 1.4 Elect Director Stephen O. Evans --- For 1.5 Elect Director James D. Harper, Jr. ---
16 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 1.6 Elect Director Boone A. Knox --- For 1.7 Elect Director Desiree G. Rogers --- For 1.8 Elect Director Sheli Z. Rosenberg --- For 1.9 Elect Director Gerald A. Spector --- For 1.10 Elect Director B. Joseph White --- For 1.11 Elect Director Samuel Zell --- For 2 Amend Articles/Bylaws/Charter to Remove For For Mgmt Antitakeover Provision(s) 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/25/04 - A FANNIE MAE *FNM* 313586109 04/06/04 352,239 1 Elect Directors For For Mgmt 1.1 Elect Director Stephen B. Ashley --- For 1.2 Elect Director Kenneth M. Duberstein --- For 1.3 Elect Director Thomas P. Gerrity --- For 1.4 Elect Director Timothy Howard --- For 1.5 Elect Director Ann Korologos --- For 1.6 Elect Director Frederic V. Malek --- For 1.7 Elect Director Donald B. Marron --- For 1.8 Elect Director Daniel H. Mudd ---
17 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 1.9 Elect Director Anne M. Mulcahy --- For 1.10 Elect Director Joe K. Pickett --- For 1.11 Elect Director Leslie Rahl --- For 1.12 Elect Director Franklin D. Raines --- For 1.13 Elect Director H. Patrick Swygert --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 03/23/04 - A FIFTH THIRD BANCORP *FITB* 316773100 01/30/04 232,737 1 Elect Directors For For Mgmt 1.1 Elect Director Darryl F. Allen --- For 1.2 Elect Director Allen M. Hill --- For 1.3 Elect Director Dr Mitchel D Livingston --- For 1.4 Elect Director Hendrik G. Meijer ---
18 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 1.5 Elect Director James E. Rogers --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Adopt Sexual Orientation None For ShrHoldr Non-Discrimination Policy Companies should have policies in place that prevent workplace discrimination in all of its forms. Such discrimination can lead to costly litigation and fines, low employee morale or increased employee turnover, a limited pool of potentially qualified employee prospects, and the alienation of certain client markets. These factors all translate to real financial losses and strategic disadvantage for the company. Moreover, several studies have indicated that companies with specific policies prohibiting discrimination based on sexual orientation benefit from positive performance directly resulting from the implementation of these policies. Additionally, many of Fifth Third Bancorp's industry peers have already taken steps to introduce policies similar to those recommended by the proponent. As such, proposals requesting the addition of sexual orientation to the company's EEO statement are supportable in the absence of quantifiable evidence that such changes would be costly or
19 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- unreasonably burdensome to adopt. Notably in this case, management did not provide a reply to the resolution and opted not to provide a vote recommendation on this agenda item. Therefore, considering the absence of strong opposition from the company and the level of support for similar policies among the company's industry peers, and noting the substantial benefits that may be recognized by amending an EEO statement to include language prohibiting discrimination based on sexual orientation, shareholders support is warranted. 04/20/04 - A FIRST HORIZON NATIONAL CORP *FHN* 337162101 02/27/04 48,053 1 Elect Directors For Split Mgmt 1.1 Elect Director Robert C. Blattberg --- For 1.2 Elect Director J. Kenneth Glass --- For 1.3 Elect Director Michael D. Rose --- For 1.4 Elect Director Luke Yancy III --- Withhold WITHHOLD votes from Luke Yancy III for standing as an affiliated outsider on the Audit Committee. 1.5 Elect Director Mary F. Sammons --- For 2 Change Company Name For For Mgmt This proposal seeks shareholder support of a change in the company's name. In this case there is little danger that sales would suffer due to loss of name recognition and associated goodwill. Since it is unlikely that
20 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- adoption of this proposal will have a negative impact on the financial position of the company, this proposal can be supported. 3 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 03/17/04 - S FLEETBOSTON FINANCIAL CORP. 339030108 01/26/04 441,204 1 Approve Merger Agreement For For Mgmt Given the strategic benefits of the transaction and the full premium received by Fleet shareholders, the merger agreement warrants support. 2 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes. 01/29/04 - A FRANKLIN RESOURCES, INC. *BEN* 354613101 12/01/03 82,498 1 Elect Directors For For Mgmt 1.1 Elect Director Harmon E. Burns --- For 1.2 Elect Director Charles Crocker --- For
21 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.3 Elect Director Robert D. Joffe --- For 1.4 Elect Director Charles B. Johnson --- For 1.5 Elect Director Rupert H. Johnson, Jr. --- For 1.6 Elect Director Thomas H. Kean --- For 1.7 Elect Director James A. McCarthy --- For 1.8 Elect Director Chutta Ratnathicam --- For 1.9 Elect Director Peter M. Sacerdote --- For 1.10 Elect Director Anne M. Tatlock --- For 1.11 Elect Director Louis E. Woodworth --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Amend Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation.
22 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 03/31/04 - A FREDDIE MAC *FRE* 313400301 02/20/04 246,715 1 Elect Directors For For Mgmt 1.1 Elect Director Joan E. Donoghue --- For 1.2 Elect Director Michelle Engler --- For 1.3 Elect Director Richard Karl Goeltz --- For 1.4 Elect Director George D. Gould --- For 1.5 Elect Director Henry Kaufman --- For 1.6 Elect Director John B. Mccoy --- For 1.7 Elect Director Shaun F. O'Malley --- For 1.8 Elect Director Ronald F. Poe --- For 1.9 Elect Director Stephen A. Ross --- For 1.10 Elect Director Donald J. Schuenke --- For 1.11 Elect Director Christina Seix --- For 1.12 Elect Director Richard F. Syron --- For 1.13 Elect Director William J. Turner --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/27/04 - A GOLDEN WEST FINANCIAL CORP. *GDW* 381317106 03/01/04 63,765 1 Elect Directors For For Mgmt
23 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Patricia A. King --- For 1.2 Elect Director Marion O. Sandler --- For 1.3 Elect Director Leslie Tang Schilling --- For 2 Increase Authorized Common Stock For Against Mgmt The number of additional authorized common shares sought in this proposal exceeds guidelines (200%). The company has not offered a specific purpose for the additional shares. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/27/04 - A HUNTINGTON BANCSHARES INC. *HBAN* 446150104 02/20/04 81,143 1 Elect Directors For For Mgmt 1.1 Elect Director Karen A. Holbrook --- For 1.2 Elect Director David P. Lauer --- For 1.3 Elect Director Kathleen H. Ransier --- For 1.4 Elect Director David L. Porteous --- For 2 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Omnibus Stock Plan For For Mgmt
24 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/13/04 - A JANUS CAPITAL GROUP INC. *JNS* 47102X105 03/18/04 104,033 1 Elect Directors For For Mgmt 1.1 Elect Director G. Andrew Cox --- For 1.2 Elect Director James P. Craig, III --- For 1.3 Elect Director Deborah R. Gatzek --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/03/04 - A JEFFERSON-PILOT CORP. *JP* 475070108 03/01/04 59,219 1 Elect Directors For For Mgmt 1.1 Elect Director Dennis R. Glass --- For 1.2 Elect Director George W. Henderson, III --- For 1.3 Elect Director Patrick S. Pittard --- For 1.4 Elect Director Robert G. Greer --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the
25 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- company's auditors. 3 Approve Non-Employee Director Stock For For Mgmt Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. 02/24/04 - S JOHN HANCOCK FINANCIAL SERVICES, 41014S106 01/02/04 109,214 INC. 1 Approve Merger Agreement For For Mgmt The merger warrants shareholder support. Overall, the merger will create one of the largest insurance companies in the world with a combined market capitalization of $25.6 billion. Further, the merger will allow JHF to diversify its investment assets and improve its risk profile. Although the merger is expected to be initially dilutive to the company's operating net income per share, it is expected to be accretive during the first calendar year following the merger. The merger is expected to result in cost savings of $65.5 million in 2004, $133.1 million in 2005, and are estimated to reach $256 million annually by 2006 (based on an exchange rate of U.S. $1 = C$1.3677). With respect to the offer consideration, it represents a fair premium of 34.9 percent over the closing price of JHF's common stock on the last trading day prior to rumors of the merger circulating in press reports and a premium of 24.7 percent over
26 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- the closing price of JHF's common stock on the last trading day prior to the announcement of the merger based on MFC's stock price as of Feb. 10, 2004. Further, the market reacted positively upon the announcement of the merger, as indicated by JHF's stock price increase of approximately seven percent. In addition, the offer consideration falls in line with the financial advisors' analyses provided in the fairness opinion. Finally, the merger results in positive governance implications in terms of its impact on shareholder rights. 05/25/04 - A JPMORGAN CHASE & CO. *JPM* 46625H100 04/02/04 759,790 1 Approve Merger Agreement For For Mgmt JPM shareholders will own approximately 58 percent of the company and maintain management control with Mr. Harrison serving as the CEO for two years until Mr. Dimon takes over that role. The board composition will be split equally. J.P. Morgan determined that board participation at this level for Bank One was a condition to the deal. Considering the relatively low premium to comparable transactions, strategic importance of the deal to both firms, and the potential cost savings, the board and management tradeoffs appear balanced. In aggregate, the deal presents a compelling case for both J.P. Morgan and Bank One shareholders due to the strategic benefits of the transactions, improved competitive position, cost synergies and the possibility of additional revenue opportunities.
27 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 2 Elect Directors For For Mgmt 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Amend Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes. 6 Establish Term Limits for Directors Against Against ShrHoldr 7 Charitable Contributions Against Against ShrHoldr 8 Political Contributions Against Against ShrHoldr 9 Separate Chairman and CEO Positions Against Against ShrHoldr 10 Provide Adequate Disclosure for over the Against Against ShrHoldr counter Derivatives 11 Auditor Independence Against Against ShrHoldr 12 Submit Non-Employee Director Compensation Against Against ShrHoldr to Vote 13 Report on Pay Disparity Against Against ShrHoldr 05/13/04 - A KEYCORP *KEY* 493267108 03/16/04 190,362 1 Elect Directors For For Mgmt 1.1 Elect Director Alexander M. Cutler --- For
28 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.2 Elect Director Douglas J. McGregor --- For 1.3 Elect Director Eduardo R. Menasce --- For 1.4 Elect Director Henry L. Meyer III --- For 1.5 Elect Director Peter G. Ten Eyck, II --- For 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the size of the requested authorization and the total level of potential dilution under all plans. 3 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/02/04 - A LEHMAN BROTHERS HOLDINGS INC. *LEH* 524908100 02/13/04 101,342 1 Elect Directors For For Mgmt 1.1 Elect Director Roger S. Berlind --- For 1.2 Elect Director Marsha Johnson Evans --- For 1.3 Elect Director Sir Christopher Gent --- For 1.4 Elect Director Dina Merrill --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the
29 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- company's auditors. 05/13/04 - A LINCOLN NATIONAL CORP. *LNC* 534187109 02/20/04 62,977 1 Elect Directors For For Mgmt 2 Approve Deferred Compensation Plan For For Mgmt 05/11/04 - A LOEWS CORP. *LTR* 540424108 03/15/04 84,246 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 4 Support Legislation and Make Public Against Against ShrHoldr Statements on Environmental Tobacco Smoke 5 Cease Charitable Contributions Against Against ShrHoldr 05/20/04 - A MARSH & MCLENNAN COMPANIES, INC. 571748102 03/22/04 223,230 *MMC* 1 Elect Directors For For Mgmt 1.1 Elect Director Lewis W. Bernard --- For 1.2 Elect Director Mathis Cabiallavetta --- For 1.3 Elect Director Zachary W. Carter --- For
30 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.4 Elect Director Robert F. Erburu --- For 1.5 Elect Director Oscar Fanjul --- For 1.6 Elect Director Ray J. Groves --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/27/04 - A MARSHALL & ILSLEY CORP. *MI* 571834100 03/01/04 95,057 1 Elect Directors For For Mgmt 05/06/04 - A MBIA INC. *MBI* 55262C100 03/18/04 62,630 1 Elect Directors For For Mgmt 1.1 Elect Director Joseph W. Brown --- For 1.2 Elect Director C. Edward Chaplin --- For 1.3 Elect Director David C. Clapp --- For 1.4 Elect Director Gary C. Dunton --- For 1.5 Elect Director Claire L. Gaudiani --- For 1.6 Elect Director Freda S. Johnson --- For 1.7 Elect Director Daniel P. Kearney --- For 1.8 Elect Director James A. Lebenthal --- For 1.9 Elect Director Debra J. Perry --- For 1.10 Elect Director John A. Rolls ---
31 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/03/04 - A MBNA CORP. *KRB* 55262L100 02/13/04 476,713 1 Elect Directors For Split Mgmt 1.1 Elect Director James H. Berick --- Withhold WITHHOLD votes from Benjamin R. Civiletti and James H. Berick for standing as affiliated outsiders on the Audit, Compensation and Governance committees. 1.2 Elect Director Benjamin R. Civiletti --- Withhold 1.3 Elect Director Bruce L. Hammonds --- For 1.4 Elect Director William L. Jews --- For 1.5 Elect Director Randolph D. Lerner --- For 1.6 Elect Director Stuart L. Markowitz --- For 1.7 Elect Director William B. Milstead --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Against Against ShrHoldr 4 Require Majority of Independent Directors Against For ShrHoldr on Board SSGA supports proposals that seek to Require Majority of Independent Directors on Board.
32 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 04/20/04 - A MELLON FINANCIAL CORP. *MEL* 58551A108 02/06/04 153,965 1 Elect Directors For For Mgmt 1.1 Elect Director Jared L. Cohon --- For 1.2 Elect Director Ira J. Gumberg --- For 1.3 Elect Director Martin G. Mcguinn --- For 1.4 Elect Director David S. Shapira --- For 1.5 Elect Director John P. Surma --- For 1.6 Elect Director Edward J. Mcaniff --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/23/04 - A MERRILL LYNCH & CO., INC. *MER* 590188108 02/24/04 360,437 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Restore or Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be
33 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 4 Separate Chairman and CEO Positions Against Against ShrHoldr 04/27/04 - A METLIFE, INC *MET* 59156R108 03/01/04 319,131 1 Elect Directors For Split Mgmt 1.1 Elect Director Curtis H. Barnette --- For 1.2 Elect Director John C. Danforth --- Withhold WITHHOLD votes from Harry P. Kamen and John C. Danforth for standing as affiliated outsiders on the Nominating Committee. 1.3 Elect Director Burton A. Dole, Jr. --- For 1.4 Elect Director Harry P. Kamen --- Withhold WITHHOLD votes from Harry P. Kamen and John C. Danforth for standing as affiliated outsiders on the Nominating Committee. 1.5 Elect Director Charles M. Leighton --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid
34 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- under the plan and would ultimately reduce the company's corporate tax obligation. 4 Approve Non-Employee Director Omnibus For For Mgmt Stock Plan 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 6 Limit Executive Compensation Against Against ShrHoldr 05/13/04 - A MGIC INVESTMENT CORP. *MTG* 552848103 03/15/04 44,492 1 Elect Directors For For Mgmt 1.1 Elect Director James A. Abbott --- For 1.2 Elect Director Thomas M. Hagerty --- For 1.3 Elect Director Michael E. Lehman --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/27/04 - A MOODY'S CORPORATION *MCO* 615369105 03/01/04 62,479 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid
35 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Performance- Based Against Against ShrHoldr 04/20/04 - A MORGAN STANLEY *MWD* 617446448 02/20/04 384,033 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors Against Against ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 4 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote The compensation committee is entirely independent. 5 Report on Political Against Against ShrHoldr Contributions/Activities 04/27/04 - A NATIONAL CITY CORP. *NCC* 635405103 03/05/04 302,350 1 Elect Directors For For Mgmt 1.1 Elect Director John E. Barfield ---
36 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 1.2 Elect Director James S. Broadhurst --- For 1.3 Elect Director John W. Brown --- For 1.4 Elect Director Christopher M. Connor --- For 1.5 Elect Director David A. Daberko --- For 1.6 Elect Director Joseph T. Gorman --- For 1.7 Elect Director Bernadine P. Healy --- For 1.8 Elect Director Paul A. Ormond --- For 1.9 Elect Director Robert A. Paul --- For 1.10 Elect Director Gerald L. Shaheen --- For 1.11 Elect Director Jerry Sue Thornton --- For 1.12 Elect Director Morry Weiss --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Amend Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
37 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 04/27/04 - A NORTH FORK BANCORPORATION, INC. 659424105 03/01/04 63,723 *NFB* 1 Elect Directors For For Mgmt 1.1 Elect Director James F. Reeve --- For 1.2 Elect Director George H. Rowsom --- For 1.3 Elect Director Dr. Kurt R. Schmeller --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/20/04 - A NORTHERN TRUST CORP. *NTRS* 665859104 03/01/04 92,420 1 Elect Directors For Split Mgmt 1.1 Elect Director Duane L. Burnham --- For 1.2 Elect Director Dolores E. Cross --- For 1.3 Elect Director Susan Crown --- For 1.4 Elect Director Robert S. Hamada --- For 1.5 Elect Director Robert A. Helman --- Withhold WITHHOLD votes from Robert A. Helman for standing as an affiliated outsider on the Nominating Committee. 1.6 Elect Director Dipak C. Jain --- For 1.7 Elect Director Arthur L. Kelly --- For 1.8 Elect Director Robert C. Mccormack --- For
38 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.9 Elect Director Edward J. Mooney --- For 1.10 Elect Director William A. Osborn --- For 1.11 Elect Director John W. Rowe --- For 1.12 Elect Director Harold B. Smith --- For 1.13 Elect Director William D. Smithburg --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/04/04 - A PLUM CREEK TIMBER COMPANY, INC. 729251108 03/15/04 83,056 *PCL* 1 Elect Directors For Split Mgmt 1.1 Elect Director Rick R. Holley --- For 1.2 Elect Director Ian B. Davidson --- For 1.3 Elect Director Robin Josephs --- For 1.4 Elect Director David D. Leland --- Withhold WITHHOLD votes from David D. Leland for standing as an affiliated outsider on the Audit & Compliance and Corporate Governance & Nominating committees. 1.5 Elect Director John G. McDonald --- For 1.6 Elect Director Hamid R. Moghadam --- For 1.7 Elect Director John H. Scully --- For 1.8 Elect Director Stephen C. Tobias ---
39 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 1.9 Elect Director Carl B. Webb --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Endorse CERES Principles Against Against ShrHoldr 04/27/04 - A PNC FINANCIAL SERVICES GROUP, INC. 693475105 02/27/04 105,994 *PNC* 1 Elect Directors For Split Mgmt 1.1 Elect Director Paul Chellgren --- For 1.2 Elect Director Robert Clay --- For 1.3 Elect Director J. Gary Cooper --- For 1.4 Elect Director George Davidson, Jr. --- For 1.5 Elect Director Richard Kelson --- Withhold WITHHOLD votes from Richard B. Kelson for standing as an affiliated outsider on the Audit Committee. 1.6 Elect Director Bruce Lindsay --- For 1.7 Elect Director Anthony Massaro --- For 1.8 Elect Director Thomas O'Brien --- For 1.9 Elect Director Jane Pepper --- For
40 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.10 Elect Director James Rohr --- For 1.11 Elect Director Lorene Steffes --- For 1.12 Elect Director Dennis Strigl --- For 1.13 Elect Director Stephen Thieke --- For 1.14 Elect Director Thomas Usher --- For 1.15 Elect Director Milton Washington --- For 1.16 Elect Director Helge Wehmeier --- For 05/18/04 - A PRINCIPAL FINANCIAL GROUP, INC. 74251V102 03/19/04 136,545 *PFG* 1 Elect Directors For For Mgmt 1.1 Elect Director David J. Drury --- For 1.2 Elect Director C. Daniel Gelatt --- For 1.3 Elect Director Sandra L. Helton --- For 1.4 Elect Director Federico F. Pena --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation.
41 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 05/18/04 - A PROLOGIS *PLD* 743410102 03/17/04 81,462 1 Elect Directors For For Mgmt 1.1 Elect Director Stephen L. Feinberg --- For 1.2 Elect Director Donald P. Jacobs --- For 1.3 Elect Director D. Michael Steuert --- For 1.4 Elect Director J. Andre Teixeira --- For 2 Approve Non-Employee Director Omnibus For For Mgmt Stock Plan 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/13/04 - A PROVIDIAN FINANCIAL CORP. *PVN* 74406A102 03/15/04 129,681 1 Elect Directors For Split Mgmt 1.1 Elect Director John L. Douglas --- Withhold John L. Douglas is an affiliated outsider on the audit committee. 1.2 Elect Director J. David Grissom --- For 1.3 Elect Director Robert J. Higgins --- For 1.4 Elect Director Francesca Ruiz de Luzuriaga --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
42 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 06/08/04 - A PRUDENTIAL FINANCIAL INC *PRU* 744320102 04/12/04 177,861 1 Elect Directors For For Mgmt 1.1 Elect Director Arthur F. Ryan --- For 1.2 Elect Director Gaston Caperton --- For 1.3 Elect Director Gilbert F. Casellas --- For 1.4 Elect Director Karl J. Krapek --- For 1.5 Elect Director Ida F.S. Schmertz --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Cease Charitable Contributions Against Against ShrHoldr 4 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 06/08/04 - A REGIONS FINANCIAL CORP. *RF* 758940100 04/27/04 58,656 1 Approve Merger Agreement For For Mgmt Based on the fair market values compared to historic trading levels, the fairness opinion, and the potential strategic synergies, the merger agreement warrants shareholder support. 2 Elect Directors For For Mgmt
43 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes. 5 Require a Majority Vote for the Election Against Against ShrHoldr of Directors 05/05/04 - A SAFECO CORP. *SAFC* 786429100 03/08/04 69,371 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 4,444,596 1 Elect Directors For For Mgmt 2 Approve Conversion to Series of Delaware For For Mgmt Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the
44 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment. 05/05/04 - A SIMON PROPERTY GROUP, INC. *SPG* 828806109 03/08/04 95,650 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Separate Chairman and CEO Positions Against Against ShrHoldr 05/13/04 - A SLM CORP. *SLM* 78442P106 03/15/04 204,736 1 Elect Directors For For Mgmt 1.1 Elect Director Charles L. Daley --- For 1.2 Elect Director William M. Diefenderfer, III --- For 1.3 Elect Director Thomas J. Fitzpatrick --- For 1.4 Elect Director Edward A. Fox --- For 1.5 Elect Director Diane Suitt Gilleland --- For 1.6 Elect Director Earl A. Goode --- For 1.7 Elect Director Ann Torre Grant --- For 1.8 Elect Director Ronald F. Hunt ---
45 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- For 1.9 Elect Director Benjamin J. Lambert, III --- For 1.10 Elect Director Albert L. Lord --- For 1.11 Elect Director Barry A. Munitz --- For 1.12 Elect Director A. Alexander Porter, Jr. --- For 1.13 Elect Director Wolfgang Schoellkopf --- For 1.14 Elect Director Steven L. Shapiro --- For 1.15 Elect Director Barry L. Williams --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/21/04 - A SOUTHTRUST CORP. *SOTR* 844730101 02/20/04 117,661 1 Elect Directors For For Mgmt 1.1 Elect Director Carl F. Bailey --- For 1.2 Elect Director John M. Bradford --- For 1.3 Elect Director William C. Hulsey --- For 1.4 Elect Director Wallace D. Malone, Jr. --- For 2 Ratify Auditors For For Mgmt
46 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/21/04 - A STATE STREET CORP. (BOSTON) *STT* 857477103 02/27/04 127,783 1 Elect Directors For For Mgmt 2 Exempt Board of Directors from Against Against ShrHoldr Massachusetts General Laws, Chapter 156B, Section 50A(a) Shareholders should have the ability to remove directors with or without cause and the board should be annually elected. 04/20/04 - A SUNTRUST BANKS, INC. *STI* 867914103 02/20/04 99,533 1 Elect Directors For For Mgmt 1.1 Elect Director J. Hicks Lanier --- For 1.2 Elect Director Larry L. Prince --- For 1.3 Elect Director Frank S. Royal, M.D. --- For
47 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.4 Elect Director Robert M. Beall, II --- For 1.5 Elect Director Jeffrey C. Crowe --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/22/04 - A SYNOVUS FINANCIAL CORP. *SNV* 87161C105 02/17/04 105,237 1 Elect Directors For For Mgmt 1.1 Elect Director James H. Blanchard --- For 1.2 Elect Director C. Edward Floyd --- For 1.3 Elect Director Gardiner W. Garrard Jr --- For 1.4 Elect Director V. Nathaniel Hansford --- For 1.5 Elect Director Alfred W. Jones III --- For 1.6 Elect Director H. Lynn Page --- For 1.7 Elect Director James D. Yancey --- For 1.8 Elect Director Frank W. Brumley --- For 1.9 Elect Director Elizabeth W. Camp --- For 1.10 Elect Director T. Michael Goodrich --- For
48 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 1.11 Elect Director J. Neal Purcell --- For 1.12 Elect Director William B. Turner, Jr --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/08/04 - A T. ROWE PRICE GROUP, INC. *TROW* 74144T108 02/06/04 44,592 1 Elect Directors For For Mgmt 1.1 Elect Director Edward C. Bernard --- For 1.2 Elect Director James T. Brady --- For 1.3 Elect Director D. William J. Garrett --- For 1.4 Elect Director Donald B. Hebb, Jr. --- For 1.5 Elect Director James A.C. Kennedy --- For 1.6 Elect Director James S. Riepe --- For 1.7 Elect Director George A. Roche --- For 1.8 Elect Director Brian C. Rogers --- For 1.9 Elect Director Dr. Alfred Sommer --- For 1.10 Elect Director Dwight S. Taylor --- For 1.11 Elect Director Anne Marie Whittemore --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
49 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------------------- 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Other Business For Against Mgmt Details of other business items not disclosed 05/18/04 - A THE ALLSTATE CORP. *ALL* 020002101 03/19/04 296,270 1 Elect Directors For For Mgmt 1.1 Elect Director F. Duane Ackerman --- For 1.2 Elect Director James G. Andress --- For 1.3 Elect Director Edward A. Brennan --- For 1.4 Elect Director W. James Farrell --- For 1.5 Elect Director Jack M. Greenberg --- For 1.6 Elect Director Ronald T. LeMay --- For 1.7 Elect Director Edward M. Liddy --- For 1.8 Elect Director J. Christopher Reyes --- For 1.9 Elect Director H. John Riley, Jr. --- For 1.10 Elect Director Joshua I. Smith --- For 1.11 Elect Director Judith A. Sprieser --- For 1.12 Elect Director Mary Alice Taylor --- For 2 Ratify Auditors For For Mgmt
50 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 3 Amend Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Amend Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 04/13/04 - A THE BANK OF NEW YORK CO., INC. *BK* 064057102 02/23/04 295,902 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Report on Political Contributions Against Against ShrHoldr
51 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- 5 Limit Executive Compensation Against Against ShrHoldr 6 Limit Composition of Committee to Against Against ShrHoldr Independent Directors 7 Submit Shareholder Rights Plan (Poison Against For ShrHoldr Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 03/31/04 - A * THE BEAR STEARNS COMPANIES INC. 073902108 02/19/04 34,517 *BSC* 1 Elect Directors For For Mgmt 2 Amend the Capital Accumulation Plan for For Against Mgmt Senior Managing Directors 3 Amend Stock Option Plan For Against Mgmt 4 Approve Restricted Stock Plan For Against Mgmt 5 Ratify Auditors For For Mgmt 05/17/04 - A THE CHARLES SCHWAB CORP. *SCH* 808513105 03/18/04 586,469 1 Elect Directors For For Mgmt 1.1 Elect Director Donald G. Fisher --- For 1.2 Elect Director Paula A. Sneed --- For 1.3 Elect Director David B. Yoffie --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan.
52 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- 04/27/04 - A THE CHUBB CORP. *CB* 171232101 03/08/04 93,937 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Approve Non-Employee Director Omnibus For For Mgmt Stock Plan 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Report on Political Against Against ShrHoldr Contributions/Activities 03/31/04 - A THE GOLDMAN SACHS GROUP, INC. *GS* 38141G104 02/02/04 193,726 1 Elect Directors For For Mgmt 1.1 Elect Director Lloyd C. Blankfein --- For 1.2 Elect Director Lord Browne Of Madingley --- For 1.3 Elect Director Claes Dahlback --- For 1.4 Elect Director James A. Johnson --- For 1.5 Elect Director Lois D. Juliber --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench
53 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 05/20/04 - A THE HARTFORD FINANCIAL SERVICES 416515104 03/22/04 118,918 GROUP, INC. *HIG* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr 04/16/04 - A THE PROGRESSIVE CORP. *PGR* 743315103 02/18/04 75,952 1 Elect Directors For For Mgmt 1.1 Elect Director Peter B. Lewis --- For 1.2 Elect Director Glenn M. Renwick --- For 1.3 Elect Director Donald B. Shackelford --- For 2 Amend Articles to Issue Shares without For For Mgmt Issuing Physical Certificates 3 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt
54 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 03/19/04 - S THE ST. PAUL TRAVELERS COMPANIES, 792860108 02/06/04 81,520 INC. *STA* 1 Issue Shares in Connection with a Merger For For Mgmt Agreement Based on the fairness opinion valuation work, the relative reasonableness of the estimated potential strategic synergies, and the overall general improvement in corporate governance structures pursuant to the proposed charter and bylaws amendments (described below), the share issuance in connection with the proposed merger warrants St. Paul shareholder support. 2 Amend Bylaws For For Mgmt 3 Amend Articles For For Mgmt 4 Reduce Supermajority Vote Requirement For For Mgmt 04/29/04 - A TORCHMARK CORP. *TMK* 891027104 03/05/04 56,611 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr 4 Divest Investments in Tobacco Companies Against Against ShrHoldr
55 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- 03/19/04 - S TRAVELERS PROPERTY CASUALTY CORP. 89420G406 02/06/04 359,731 1 Approve Merger Agreement For For Mgmt Based on the fairness opinion valuation work, the relative reasonableness of the estimated potential strategic synergies, and the overall general improvement in corporate governance structures, the merger agreement warrants Travelers shareholders' support. 04/20/04 - A U.S. BANCORP *USB* 902973304 02/26/04 737,665 1 Elect Directors For For Mgmt 1.1 Elect Director Victoria Buyniski Gluckman --- For 1.2 Elect Director Arthur D. Collins, Jr. --- For 1.3 Elect Director Jerry W. Levin --- For 1.4 Elect Director Thomas E. Petry --- For 1.5 Elect Director Richard G. Reiten --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr 4 Submit Executive Compensation to Vote Against Against ShrHoldr 5 Amend Vote Requirements to Amend Against For ShrHoldr Articles/Bylaws/Charter Supermajority vote requirements generally serve to lock in provisions that are harmful to shareholders. Requiring approval of more than a simple majority of the voting shares
56 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- may entrench management by preventing actions that may benefit shareholders,such as precluding proxy contests and potential takeover bids. 06/08/04 - A UNION PLANTERS CORP. 908068109 04/21/04 59,405 1 Approve Merger Agreement For For Mgmt Based on the fair market value compared to recent historic trading levels, the fairness opinion, and the potential strategic synergies, the merger agreement warrants shareholder support. 2 Elect Directors For For Mgmt 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes. 5 Limit Executive Compensation Against Against ShrHoldr 05/13/04 - A UNUMPROVIDENT CORPORATION *UNM* 91529Y106 03/26/04 113,379 1 Elect Directors For For Mgmt 2 Approve Executive Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid
57 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- under the plan and would ultimately reduce the company's corporate tax obligation. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Require Affirmative Vote of the Majority Against Against ShrHoldr of the Shares to Elect Directors 6 Establish Other Board Committee Against Against ShrHoldr 04/20/04 - A WACHOVIA CORP. *WB* 929903102 02/18/04 465,822 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Require Two Candidates for Each Board Seat Against Against ShrHoldr 4 Report on Political Against Against ShrHoldr Contributions/Activities 5 Separate Chairman and CEO Positions Against Against ShrHoldr 04/20/04 - A WASHINGTON MUTUAL, INC *WM* 939322103 02/27/04 343,924 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt
58 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr 04/27/04 - A WELLS FARGO & COMPANY *WFC* 949746101 03/09/04 843,321 1 Elect Directors For Split Mgmt 1.1 Elect Director J.A. Blanchard III --- For 1.2 Elect Director Susan E. Engel --- For 1.3 Elect Director Enrique Hernandez, Jr. --- For 1.4 Elect Director Robert L. Joss --- For 1.5 Elect Director Reatha Clark King --- For 1.6 Elect Director Richard M. Kovacevich --- For 1.7 Elect Director Richard D. McCormick --- For 1.8 Elect Director Cynthia H. Milligan --- For 1.9 Elect Director Philip J. Quigley --- For 1.10 Elect Director Donald B. Rice --- Withhold WITHHOLD votes from Judith M. Runstad for standing as an affiliated outsider on the Audit Committee, Michael W. Wright and Donald B. Rice for standing as affiliated outsiders on the Human Resources and Governance & Nominating committees. 1.11 Elect Director Judith M. Runstad --- Withhold 1.12 Elect Director Stephen W. Sanger
59 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- --- For 1.13 Elect Director Susan G. Swenson --- For 1.14 Elect Director Michael W. Wright --- Withhold 2 Approve Retirement Plan For For Mgmt 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Expense Stock Options Against Against ShrHoldr 5 Limit Executive Compensation Against Against ShrHoldr 6 Link Executive Compensation to Social Against Against ShrHoldr Issues 7 Report on Political Against Against ShrHoldr Contributions/Activities 04/30/04 - A XL CAPITAL LTD (FORMERLY EXEL LTD. ) G98255105 03/15/04 62,259 *XL* MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt 04/30/04 - A ZIONS BANCORPORATION *ZION* 989701107 02/23/04 43,873 1 Elect Directors For For Mgmt 1.1 Elect Director Roger B. Porter --- For 1.2 Elect Director L. E. Simmons --- For 1.3 Elect Director Steven C. Wheelwright --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Other Business For Against Mgmt
60 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 FINANCIAL SELECT SECTOR SPDR FUND - J917
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - --------------------------------------------------------------------------------------------------------------------------------- Details of other business items not disclosed
61 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/05/04 - A AMERADA HESS CORP. *AHC* 023551104 03/15/04 303,832 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Establish Other Board Committee Against Against ShrHoldr 05/06/04 - A ANADARKO PETROLEUM CORP. 032511107 03/08/04 556,523 *APC* 1 Elect Directors For For Mgmt 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Report on Greenhouse Gas Against Against ShrHoldr Emissions
62 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 12/18/03 - S APACHE CORP. *APA* 037411105 10/29/03 186,884 1 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 05/06/04 - A APACHE CORP. *APA* 037411105 03/17/04 692,640 1 Elect Directors For Split Mgmt 1.1 Elect Director Eugene C. Fiedorek --- For 1.2 Elect Director Patricia Albjerg Graham --- For 1.3 Elect Director F. H. Merelli --- Withhold WITHHOLD votes from F. H. Merelli for standing as an affiliated outsider on the Audit Committee. 1.4 Elect Director Raymond Plank --- For 2 Report on Greenhouse Gas Against Against ShrHoldr Emissions 01/29/04 - A ASHLAND INC. *ASH* 044204105 11/24/03 225,833 1 Elect Directors For For Mgmt 1.1 Elect Director Ernest H. Drew --- For 1.2 Elect Director Mannie L. Jackson --- For 1.3 Elect Director Theodore M. Solso --- For 1.4 Elect Director Michael J. Ward --- For
63 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/28/04 - A BAKER HUGHES INCORPORATED 057224107 03/03/04 750,246 *BHI* 1 Elect Directors For For Mgmt 1.1 Elect Director Edward P. Djerejian --- For 1.2 Elect Director H. John Riley, Jr. --- For 1.3 Elect Director Charles L. Watson --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 4 Submit Shareholder Rights Plan Against Against ShrHoldr (Poison Pill) to Shareholder Vote Although SSGA supports proposals that seek to Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote. Baker Hughes does not have a rights plan. Last year the
64 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ board adopted a policy that any future poison pill must be ratified by shareholders either at the time of adoption or, if advised by a committee of independent directors, within a year of adoption or else the pill will then expire. 01/22/04 - A BJ SERVICES COMPANY *BJS* 055482103 12/05/03 307,707 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. SHAREHOLDER PROPOSAL 3 Report on Foreign Operations Risk Against Against ShrHoldr 04/21/04 - A BURLINGTON RESOURCES INC. 122014103 02/23/04 437,644 *BR* 1 Elect Directors For Split Mgmt 1.1 Elect Director Barbara T. Alexander --- For 1.2 Elect Director Reuben V. Anderson --- For 1.3 Elect Director Laird I. Grant --- For 1.4 Elect Director Robert J. Harding --- For 1.5 Elect Director John T. LaMacchia --- For
65 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.6 Elect Director Randy L. Limbacher --- For 1.7 Elect Director James F. McDonald --- For 1.8 Elect Director Kenneth W. Orce --- Withhold WITHHOLD votes from Walter Scott, Jr. for standing as an affiliated outsider on the Compensation and Nominating committees, and Kenneth W. Orce for standing as an affiliated outsider on the Nominating Committee. 1.9 Elect Director Donald M. Roberts --- For 1.10 Elect Director James A. Runde --- For 1.11 Elect Director John F. Schwarz --- For 1.12 Elect Director Walter Scott, Jr. --- Withhold WITHHOLD votes from Walter Scott, Jr. for standing as an affiliated outsider on the Compensation and Nominating committees, and Kenneth W. Orce for standing as an affiliated outsider on the Nominating Committee. 1.13 Elect Director Bobby S. Shackouls --- For 1.14 Elect Director Steven J. Shapiro --- For 1.15 Elect Director William E. Wade, Jr. --- For 2 Approve Increase in Common Stock For For Mgmt and a Stock Split
66 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------------- 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/28/04 - A CHEVRONTEXACO CORP. *CVX* 166764100 03/01/04 1,593,327 1 Elect Directors For Split Mgmt 1.1 Elect Director Samuel H. Armacost --- For 1.2 Elect Director Robert E. Denham --- For 1.3 Elect Director Robert J. Eaton --- For 1.4 Elect Director Sam Ginn --- For 1.5 Elect Director Carla Anderson Hills --- For 1.6 Elect Director Franklyn G. Jenifer --- For 1.7 Elect Director J. Bennett Johnston --- For 1.8 Elect Director Sam Nunn --- Withhold Sam Nunn is an affiliated outsider on the nominating committee. 1.9 Elect Director David J. O'Reilly --- For 1.10 Elect Director Peter J. Robertson --- For 1.11 Elect Director Charles R. Shoemate --- For 1.12 Elect Director Carl Ware --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification
67 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------------- of the company's auditors. 3 Adopt Shareholder Rights Plan For For Mgmt (Poison Pill) Policy 4 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Report on Operational Impact of Against Against ShrHoldr HIV/AIDS, TB, and Malaria Pandemic 6 Report on Political Against Against ShrHoldr Contributions/Activities 7 Require Affirmative Vote of a Against Against ShrHoldr Majority of the Shares to Elect Directors 8 Report on Health and Against Against ShrHoldr Environmental Initiatives in Ecuador 9 Report on Renewable Energy Against Against ShrHoldr 05/05/04 - A CONOCOPHILLIPS *COP* 20825C104 03/10/04 1,093,636 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution
68 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ under all plans, and the reasonable terms of the plan. 4 Limit Executive Compensation Against Against ShrHoldr 5 Limit Executive Compensation Against Against ShrHoldr 6 Report on Drilling in the Arctic Against Against ShrHoldr National Wildlife Refuge 06/11/03 - A * DEVON ENERGY CORP. *DVN* 25179M103 05/05/03 269,879 1 Elect Directors For For Mgmt 2 Increase Authorized Common Stock For For Mgmt Although the company has offered no specific purpose for the additional shares, the size of the increase (100%) requested falls within guidelines. 06/08/04 - A DEVON ENERGY CORP. *DVN* 25179M103 04/09/04 500,486 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Require a Majority Vote for the Against Against ShrHoldr Election of Directors 05/04/04 - A EOG RESOURCES, INC. *EOG* 26875P101 03/08/04 371,918 1 Elect Directors For For Mgmt
69 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.1 Elect Director George A. Alcorn --- For 1.2 Elect Director Charles R. Crisp --- For 1.3 Elect Director Mark G. Papa --- For 1.4 Elect Director Edmund P. Segner, III --- For 1.5 Elect Director Donald F. Textor --- For 1.6 Elect Director Frank G. Wisner --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Other Business For Against Mgmt Details of other business items not disclosed 05/26/04 - A EXXON MOBIL CORP. *XOM* 30231G102 04/05/04 4,916,052 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Non-Employee Director For For Mgmt Restricted Stock
70 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Plan 4 Affirm Political Nonpartisanship Against Against ShrHoldr 5 Report on Political Against Against ShrHoldr Contributions/Activities 6 Report on Equatorial Guinea Against Against ShrHoldr 7 Separate Chairman and CEO Against Against ShrHoldr Positions 8 Prohibit Awards to Executives Against Against ShrHoldr 9 Report on Stock Option Against Against ShrHoldr Distribution by Race and Gender 10 Amend EEO Statement to Include Against Against ShrHoldr Reference to Sexual Orientation 11 Report on Climate Change Research Against Against ShrHoldr 05/19/04 - A HALLIBURTON CO. *HAL* 406216101 03/22/04 968,878 1 Elect Directors For For Mgmt 2 Increase Authorized Common Stock For For Mgmt The size of the increase (67%) requested falls within guidelines. 3 Review/Report on Operations in Against Against ShrHoldr Iran 4 Require Affirmative Vote of a Against Against ShrHoldr Majority of the Shares to Elect Directors 5 Separate Chairman and CEO Against Against ShrHoldr Positions
71 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/11/04 - A KERR-MCGEE CORP. *KMG* 492386107 03/12/04 341,897 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Establishment of an Office of Against Against ShrHoldr the Board of Directors 06/25/04 - S KERR-MCGEE CORP. *KMG* 492386107 05/20/04 349,609 1 Approve Merger Agreement For For Mgmt Based on the "within-the-range" valuation and reasonable market premium, the fairness opinion, and the potential strategic synergies, the merger agreement warrants shareholder support. 04/28/04 - A MARATHON OIL CORP *MRO* 565849106 03/01/04 739,323 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Greenhouse Gas Against Against ShrHoldr Emissions 4 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote
72 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 06/03/03 - A NABORS INDUSTRIES, LTD. G6359F103 04/10/03 240,131 *NBR* 1 Reelect E. Isenberg and J. For For Mgmt Wexler as Class III Directors to Serve until the 2006 Annual General Meeting 2 Appoint PricewaterhouseCoopers For For Mgmt LLP as Auditors and Authorize Board to Fix Their Remuneration 3 Approve 2003 Employee Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans and other favorable terms of the plan. A vote in favor of this proposal is recommended. 4 Transact Other Business None None Mgmt (Non-Voting) 06/01/04 - A NABORS INDUSTRIES, LTD. G6359F103 04/08/04 420,901 *NBR* MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt 3 SHAREHOLDER PROPOSAL TO CHANGE Against Against Mgmt NABORS JURISDICTION OF INCORPORATION FROM BERMUDA TO DELAWARE.
73 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 04/22/04 - A NOBLE CORP *NE* G65422100 03/04/04 441,280 MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt 04/30/04 - A OCCIDENTAL PETROLEUM CORP. 674599105 03/03/04 783,508 *OXY* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Non-Employee Director For For Mgmt Restricted Stock Plan 4 Prohibit Awards to Executives Against Against ShrHoldr 04/23/04 - A ROWAN COMPANIES, INC. *RDC* 779382100 03/01/04 536,711 1 Elect Directors For For Mgmt 04/14/04 - A SCHLUMBERGER LTD. *SLB* 806857108 02/25/04 666,589 MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 2 ADOPTION AND APPROVAL OF For For Mgmt FINANCIALS AND DIVIDENDS The initiative can be supported due to
74 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ the size of the requested authorization, the resulting level of potential dilution under all plans and other favorable terms of the plan. A vote in favor of this proposal is recommended. 3 APPROVAL OF ADOPTION OF THE 2004 For For Mgmt STOCK AND DEFERRAL PLAN FOR NON-EMPLOYEE DIRECTORS 4 APPROVAL OF AUDITORS For For Mgmt 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 2,540,087 1 Elect Directors For For Mgmt 2 Approve Conversion to Series of For For Mgmt Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar
75 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ regulatory environment. 05/06/04 - A SUNOCO, INC. *SUN* 86764P109 02/10/04 288,652 1 Elect Directors For For Mgmt 1.1 Elect Director Robert J. Darnall --- For 1.2 Elect Director John G. Drosdick --- For 1.3 Elect Director Ursula F. Fairbairn --- For 1.4 Elect Director Thomas P. Gerrity --- For 1.5 Elect Director Rosemarie B. Greco --- For 1.6 Elect Director James G. Kaiser --- For 1.7 Elect Director Robert D. Kennedy --- For 1.8 Elect Director Richard H. Lenny --- For 1.9 Elect Director Norman S. Matthews --- For 1.10 Elect Director R. Anderson Pew --- For 1.11 Elect Director G. Jackson Ratcliffe --- For 1.12 Elect Director John W. Rowe --- For 1.13 Elect Director John K. Wulff --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
76 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/13/04 - A TRANSOCEAN INC. *RIG* G90078109 03/18/04 870,135 MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 2 APPROVAL OF THE AMENDMENT OF OUR For For Mgmt LONG-TERM INCENTIVE PLAN AS DESCRIBED IN THE PROXY STATEMENT. The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans and other favorable terms of the plan. A vote in favor of this proposal is recommended. 3 Ratify Auditors For For Mgmt 05/24/04 - A UNOCAL CORP. *UCL* 915289102 03/25/04 649,845 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Deferred Compensation For For Mgmt Plan 5 Separate Chairman and Against Against ShrHoldr
77 VOTE SUMMARY REPORT Jun 01, 2003 - Jun 30, 2004 ENERGY SELECT SECTOR SPDR FUND - J916
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ CEO Positions 6 Limit Awards to Executives Against Against ShrHoldr 7 Establish Other Board Committee Against Against ShrHoldr 8 Report on Greenhouse Gas Against Against ShrHoldr Emissions
78 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 06/25/04 - A AMERICAN GREETINGS CORP. 026375105 04/26/04 17,567 *AM* 1 Elect Directors For Split Mgmt 1.1 Elect Director Scott S. Cowen --- For 1.2 Elect Director Harriet Mouchly-Weiss --- For 1.3 Elect Director Charles A. Ratner --- Withhold Charles A. Ratner is an affiliated outsider on the compensation and nominating committees. 1.4 Elect Director Zev Weiss --- For 1.5 Elect Director Joseph Hardin --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 15%, and the reasonable terms of the plan. 05/12/04 - A AUTONATION, INC. *AN* 05329W102 03/26/04 68,647 1 Elect Directors For Split Mgmt 1.1 Elect Director Mike Jackson --- For 1.2 Elect Director Robert J. Brown --- For 1.3 Elect Director J.P. Bryan --- For
79 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.4 Elect Director Rick L. Burdick --- Withhold WITHHOLD votes from Rick L. Burdick for standing as an affiliated outsider on the nominating committee. 1.5 Elect Director William C. Crowley --- For 1.6 Elect Director Alan S. Dawes --- For 1.7 Elect Director Edward S. Lampert --- For 1.8 Elect Director Irene B. Rosenfeld --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 12/11/03 - A AUTOZONE, INC. *AZO* 053332102 10/14/03 21,596 1 Elect Directors For For Mgmt 1.1 Elect Director Charles M. Elson --- For 1.2 Elect Director Marsha J. Evans --- For 1.3 Elect Director Earl G. Graves, Jr. --- For 1.4 Elect Director N. Gerry House --- For 1.5 Elect Director J.R. Hyde, III --- For 1.6 Elect Director Edward S. Lampert --- For 1.7 Elect Director W. Andrew McKenna --- For
80 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.8 Elect Director Steve Odland --- For 1.9 Elect Director James J. Postl --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 06/24/04 - A BEST BUY CO., INC. *BBY* 086516101 04/26/04 84,884 1 Elect Directors For Split Mgmt 1.1 Elect Director Bradbury H. Anderson --- For 1.2 Elect Director K.J. Higgins Victor --- For 1.3 Elect Director Allen U. Lenzmeier --- For 1.4 Elect Director Frank D. Trestman --- For 1.5 Elect Director James C. Wetherbe --- For 1.6 Elect Director Ronald James --- Withhold Ronald James is an affiliated outsider on the nominating committee. 1.7 Elect Director Matthew H. Paull --- Withhold Matthew H. Paull is an affiliated outsider on the audit committee. 1.8 Elect Director Mary A. Tolan --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking
81 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 15%, and the reasonable terms of the plan. 05/18/04 - A BIG LOTS INC. *BLI* 089302103 03/26/04 29,196 1 Elect Directors For For Mgmt 04/15/04 - A BOISE CASCADE CORP. *BCC* 097383103 02/23/04 21,572 1 Elect Directors For Split Mgmt 1.1 Elect Director Claire S. Farley --- For 1.2 Elect Director Rakesh Gangwal --- Withhold Rakesh Gangwal is an affiliated director on the compensation and nominating committees. 1.3 Elect Director Gary G. Michael --- For 1.4 Elect Director A. William Reynolds --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
82 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 3 Separate Chairman and CEO Against Against ShrHoldr Positions 04/28/04 - A BRUNSWICK CORP. *BC* 117043109 03/02/04 22,859 1 Elect Directors For For Mgmt 1.1 Elect Director Nolan D. Archibald --- For 1.2 Elect Director Jeffrey L. Bleustein --- For 1.3 Elect Director Graham H. Phillips --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/22/04 - A CARNIVAL CORP. *CCL* 143658300 02/23/04 157,072 MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 1.1 Elect Director Micky Arison --- For 1.2 Elect Director Amb Richard G. Capen Jr --- For 1.3 Elect Director Robert H. Dickinson --- For 1.4 Elect Director Arnold W. Donald --- For 1.5 Elect Director Pier Luigi Foschi --- For 1.6 Elect Director Howard S. Frank --- For
83 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.7 Elect Director Baroness Hogg --- For 1.8 Elect Director A. Kirk Lanterman --- For 1.9 Elect Director Modesto A. Maidique --- For 1.10 Elect Director John P. Mcnulty --- For 1.11 Elect Director Peter Ratcliffe --- For 1.12 Elect Director Sir John Parker --- For 1.13 Elect Director Stuart Subotnick --- For 1.14 Elect Director Uzi Zucker --- For 2 Ratify Auditors For For Mgmt 3 TO AUTHORIZE THE AUDIT For For Mgmt COMMITTEE OF CARNIVAL PLC TO AGREE THE REMUNERATION OF THE INDEPENDENT AUDITORS. This item requests that shareholders approve the company's compensation policy, as set out in the company's Remuneration Report. The Combined Code on Corporate Governance recommends that companies consider including this item on AGM agendas and is now required under U.K. law. Seeking annual shareholder approval for a company's remuneration policy is a positive corporate governance provision. It
84 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- allows shareholders to express their support or displeasure over how the company pays and provides incentive to its directors and executives in the most direct way possible. Shareholders displeased with a particular remunerative provision may now vote against this item, instead of (or in addition to) voting against a director or the company's financial statements. It is recommended that shareholders support this item. 4 TO RECEIVE THE ACCOUNTS AND For For Mgmt REPORTS FOR CARNIVAL PLC FOR THE FINANCIAL PERIOD ENDED NOVEMBER 30, 2003. 5 TO APPROVE THE DIRECTORS For For Mgmt REMUNERATION REPORT OF CARNIVAL PLC. 6 TO APPROVE LIMITS ON THE For For Mgmt AUTHORITY TO ALLOT SHARES BY CARNIVAL PLC. This routine capital issuance request would allow the board to issue shares for cash with preemptive rights. The amount of authorized but unissued capital that could be used represents about 33 percent of the currently issued capital. This issuance authority,
85 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- routinely sought in the United Kingdom, could be used by the company for one year. This is a reasonable issuance request. 7 TO APPROVE THE DISAPPLICATION For For Mgmt OF PRE-EMPTION RIGHTS FOR CARNIVAL PLC SHARES. This routine capital issuance request would allow the board to issue shares for cash without preemptive rights. The amount that could be used other than in the context of a rights issue, that is for cash, would be limited to five percent of the issued capital. This is a reasonable issuance request. 07/17/03 - A CENTEX CORP. *CTX* 152312104 05/29/03 12,280 1 Elect Directors For For Mgmt 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans.
86 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 02/25/04 - S CENTEX CORP. *CTX* 152312104 01/23/04 15,318 1 Increase Authorized Common For For Mgmt Stock The number of additional authorized common shares sought in this proposal exceeds guidelines (200%). The additional shares are needed for a two-for-one stock split, which the board approved in November 2003 and expects to distribute as a dividend to shareholders on March 12, 2004. 2 Approve Merger Agreement For For Mgmt The transactions will result in a much simpler corporate structure with significant cost savings. Although shareholders will receive a cash payment, they will effectively retain the same beneficial ownership in Holding and the Partnership through their Centex stock as they held through their combination of Centex stock, Holding stock, and Partnership warrants. 3 Approve Merger Agreement For For Mgmt Details of other business items not
87 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- disclosed 06/15/04 - A CIRCUIT CITY STORES, INC. 172737108 04/21/04 55,048 *CC* 1 Elect Directors For For Mgmt 1.1 Elect Director E.V. Goings --- For 1.2 Elect Director James F. Hardymon --- For 1.3 Elect Director Allen B. King --- For 1.4 Elect Director J. Patrick Spainhour --- For 1.5 Elect Director Carolyn Y. Woo --- For 2 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Amend Non-Employee Director For For Mgmt Omnibus Stock Plan 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
88 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 04/28/04 - A CLEAR CHANNEL 184502102 03/08/04 155,999 COMMUNICATIONS, INC. *CCU* 1 Elect Directors For Split Mgmt 1.1 Elect Director Alan D. Feld --- Withhold WITHHOLD votes from Alan D. Feld for standing as an affiliated outsider on the Compensation Committee. 1.2 Elect Director Thomas O. Hicks --- For 1.3 Elect Director Perry J. Lewis --- For 1.4 Elect Director L. Lowry Mays --- For 1.5 Elect Director Mark P. Mays --- For 1.6 Elect Director Randall T. Mays --- For 1.7 Elect Director B.J. Mccombs --- Withhold WITHHOLD votes from B.J. Mccombs for standing as an affiliated outsider on the Compensation and Nominating Committees. 1.8 Elect Director Phyllis B. Riggins --- For 1.9 Elect Director Theordore H. Strauss --- For 1.10 Elect Director J.C. Watts --- For 1.11 Elect Director John H. Williams --- For 2 Ratify Auditors For For Mgmt
89 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 05/26/04 - A COMCAST CORP. *CMCSA* 20030N101 03/15/04 570,298 1 Elect Directors For Split Mgmt 1.1 Elect Director S. Decker Anstrom --- Withhold S. Decker Anstrom is an affiliated director on all key committees. 1.2 Elect Director C. Michael Armstrong --- For 1.3 Elect Director Kenneth J. Bacon --- For 1.4 Elect Director Sheldon M. Bonovitz --- For 1.5 Elect Director Julian A. Brodsky --- For 1.6 Elect Director Joseph L. Castle, II --- For 1.7 Elect Director J. Michael Cook --- For 1.8 Elect Director Brian L. Roberts --- For 1.9 Elect Director Ralph J. Roberts --- For 1.10 Elect Director Dr. Judith Rodin --- For 1.11 Elect Director Michael I. Sovern --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
90 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 3 Amend Restricted Stock Plan For For Mgmt 4 Amend For For Mgmt Articles/Bylaws/Charter-Non-Routine Amendments include antitakeover provisions 5 Require Two-Thirds Majority of Against For ShrHoldr Independent Directors on Board In the case of Comcast, we believe that a two-thirds independent board is particularly important due to Comcast's dual class ownership structure and several insiders currently sitting on the board. 6 Political Against Against ShrHoldr Contributions/Activities 7 Nominate Two Directors for Against Against ShrHoldr every open Directorships 8 Limit Executive Compensation Against Against ShrHoldr 9 Adopt a Recapitalization Plan Against For ShrHoldr This proposals requests that the company to take steps to develop a recapitalization plan where all of the company's outstanding stock would have one vote. SSGA does not support dual class structures. 05/04/04 - A COOPER TIRE & RUBBER CO. 216831107 03/09/04 18,680 *CTB* 1 Elect Directors For For Mgmt
91 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Arthur H. Aronson --- For 1.2 Elect Director Thomas A. Dattilo --- For 1.3 Elect Director Byron O. Pond --- For 2 Ratify Auditors Against For ShrHoldr Before the corporate accounting-related scandals of the past two years, ratification of auditors was generally viewed as a routine agenda item. A vote for an auditor by shareholders is confirmation that the auditor has objectively reviewed the company's financial statements for compliance with generally accepted accounting principles. Due to the recent SEC rules on auditor independence and increased shareholder scrutiny on this issue, however, ratification of auditors has turned into a more controversial agenda item. As such, shareholders should have the opportunity to assess the auditor's general performance, the audit and non-audit related fees paid by the company, and the auditor's overall independence. 04/19/04 - A DANA CORP. *DCN* 235811106 03/01/04 37,072 1 Elect Directors For For Mgmt 1.1 Elect Director Benjamin F. Bailar --- For 1.2 Elect Director A. Charles
92 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Baillie --- For 1.3 Elect Director David E. Berges --- For 1.4 Elect Director Michael J. Burns --- For 1.5 Elect Director Edmund M. Carpenter --- For 1.6 Elect Director Samir G. Gibara --- For 1.7 Elect Director Cheyl W. Grise --- For 1.8 Elect Director Glen H. Hiner --- For 1.9 Elect Director James P. Kelly --- For 1.10 Elect Director Marilyn R. Marks --- For 1.11 Elect Director Richard B. Priory --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Employee Stock For For Mgmt Purchase Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Amend Omnibus Stock Plan For For Mgmt
93 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 09/25/03 - A DARDEN RESTAURANTS, INC. 237194105 07/28/03 37,102 *DRI* 1 Elect Directors For For Mgmt 1.1 Elect Director Leonard L. Berry --- For 1.2 Elect Director Odie C. Donald --- For 1.3 Elect Director David H. Hughes --- For 1.4 Elect Director Joe R. Lee --- For 1.5 Elect Director Senator Connie Mack, III --- For 1.6 Elect Director Richard E. Rivera --- For 1.7 Elect Director Michael D. Rose --- For 1.8 Elect Director Maria A. Sastre --- For 1.9 Elect Director Jack A. Smith --- For 1.10 Elect Director Blaine Sweatt, III --- For 1.11 Elect Director Rita P. Wilson --- For
94 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/06/04 - A DELPHI CORP. *DPH* 247126105 03/08/04 141,933 1 Elect Directors For For Mgmt 1.1 Elect Director Oscar de Paula Bernardes Neto --- For WITHHOLD votes from independent outsiders John D. Opie, Dr. Bernd Gottschalk, and Oscar de Paula Bernardes Neto for failure to implement the declassification of the board and poison pill proposals. 1.2 Elect Director Dr. Bernd Gottschalk --- For 1.3 Elect Director John D. Opie --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Approve Omnibus Stock Plan For Against Mgmt
95 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- The initiative cannot be supported due to the total level of potential dilution under all plans. 5 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 6 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 7 Amend Workplace Code of Conduct Against Against ShrHoldr 05/15/04 - A DILLARD'S, INC. *DDS* 254067101 03/31/04 20,772 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Implement ILO Based Against Against ShrHoldr
96 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Code of Conduct 05/25/04 - A DOLLAR GENERAL CORP. *DG* 256669102 03/22/04 85,410 1 Elect Directors For For Mgmt 1.1 Elect Director David L. Bere --- For 1.2 Elect Director Dennis C. Bottorff --- For 1.3 Elect Director Barbara L. Bowles --- For 1.4 Elect Director James L. Clayton --- For 1.5 Elect Director Reginald D. Dickson --- For 1.6 Elect Director E. Gordon Gee --- For 1.7 Elect Director Barbara M. Knuckles --- For 1.8 Elect Director David A. Perdue --- For 1.9 Elect Director J. Neal Purcell --- For 1.10 Elect Director James D. Robbins --- For 1.11 Elect Director David M. Wilds --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/21/04 - A DOW JONES & CO., INC. *DJ* 260561105 02/27/04 20,322 1 Elect Directors For For Mgmt
97 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Irvine O. Hockaday, Jr. --- For We recommend a vote FOR the directors with the exceptions of affiliated outsider Dieter von Holtzbrinck and independent outsider Vernon E. Jordan, Jr.. We recommend that shareholders WITHHOLD votes from Dieter von Holtzbrinck and from Vernon E. Jordan, Jr. for poor attendance. 1.2 Elect Director Vernon E. Jordan, Jr. --- For 1.3 Elect Director Lewis B. Campbell --- For 1.4 Elect Director Dieter von Holtzbrinck --- For 1.5 Elect Director Elizabeth Steele --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Separate Chairman and CEO Against Against ShrHoldr Positions
98 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/12/04 - A EASTMAN KODAK CO. *EK* 277461109 03/15/04 72,656 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt 4 Adopt Chemical Policy Against Against ShrHoldr 5 Prohibit Awards to Executives Against Against ShrHoldr 06/24/04 - A EBAY INC. *EBAY* 278642103 04/26/04 168,948 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the trend of recent option grants and the total level of potential dilution under all plans is above the allowable cap of 15%. 3 Amend Stock Option Plan For Against Mgmt The initiative cannot be supported due to the trend of recent option grants and the total level of potential dilution under all plans is above the allowable cap of 15%. 4 Increase Authorized Common For Against Mgmt Stock The size of the increase (99%) requested falls within guidelines. However, the company stated that it
99 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- could use the additional shares of common stock to oppose a hostile takeover attempt or delay or prevent changes in control or management. For instance, without further shareholder approval, the company could adopt a "poison pill" that would, under certain circumstances related to an acquisition of shares that the company did not approve, give certain holders the right to acquire additional shares of common stock at a low price. The company could strategically sell shares of common stock in a private transaction to purchasers who would oppose a takeover or favor the current board. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 6 Expense Stock Options Against Against ShrHoldr 01/15/04 - A FAMILY DOLLAR STORES, INC. 307000109 11/24/03 42,477 *FDO* 1 Elect Directors For For Mgmt 1.1 Elect Director Howard R. Levine --- For 1.2 Elect Director George R. Mahoney, Jr. --- For 1.3 Elect Director Mark R. Bernstein --- For 1.4 Elect Director Sharon Allred Decker --- For 1.5 Elect Director Edward C.
100 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Dolby --- For 1.6 Elect Director Glenn A. Eisenberg --- For 1.7 Elect Director James G. Martin --- For 2 Approve Non-Employee Director For For Mgmt Stock Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/21/04 - A FEDERATED DEPARTMENT 31410H101 04/02/04 45,107 STORES, INC. *FD* 1 Elect Directors For For Mgmt 1.1 Elect Director Sara Levinson --- For 1.2 Elect Director Joseph Neubauer --- For 1.3 Elect Director Joseph A. Pichler --- For 1.4 Elect Director Karl M. von der Heyden --- For 2 Ratify Auditors For For Mgmt
101 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 05/13/04 - A FORD MOTOR COMPANY *F* 345370860 03/17/04 463,932 1 Elect Directors For Split Mgmt 1.1 Elect Director John R. H. Bond --- Withhold WITHHOLD votes from John R. H. Bond and Robert E. Rubin for standing as affiliated outsiders on the Compensation and Nominating committees. 1.2 Elect Director Stephen G. Butler --- For 1.3 Elect Director Kimberly A. Casiano --- For
102 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.4 Elect Director Edsel B. Ford II --- For 1.5 Elect Director William Clay Ford --- For 1.6 Elect Director William Clay Ford, Jr. --- For 1.7 Elect Director Irvine O. Hockaday, Jr. --- For 1.8 Elect Director Marie-Josee Kravis --- For 1.9 Elect Director Richard A. Manoogian --- For 1.10 Elect Director Ellen R. Marram --- For 1.11 Elect Director Homer A. Neal --- For 1.12 Elect Director Jorma Ollila --- For 1.13 Elect Director Carl E. Reichardt --- For 1.14 Elect Director Robert E. Rubin --- Withhold 1.15 Elect Director Nicholas V. Scheele --- For 1.16 Elect Director John L. Thornton --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Increase Disclosure of Against Against ShrHoldr Executive Compensation 4 Establish Other Board Committee Against Against ShrHoldr 5 Prohibit Awards to Executives Against Against ShrHoldr 6 Amend By Laws Relating Against Against ShrHoldr
103 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- to Board Independence 7 Report on Greenhouse Gas Against Against ShrHoldr Emissions 04/27/04 - A FORTUNE BRANDS, INC. *FO* 349631101 02/27/04 36,371 1 Elect Directors For For Mgmt 1.1 Elect Director Anne M. Tatlock --- For 1.2 Elect Director Norman H. Wesley --- For 1.3 Elect Director Peter M. Wilson --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 05/04/04 - A GANNETT CO., INC. *GCI* 364730101 03/05/04 67,573 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
104 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Limit Executive Compensation Against Against ShrHoldr 10/03/03 - WC GENERAL MOTORS CORP. *GM* 370442105 08/01/03 123,466 1 Amend Articles For For Mgmt 2 Amend Articles For For Mgmt 3 Approve Hughes Split-Off For For Mgmt Based on the market premium, the fairness opinions, the strategic rationale, the board's review of alternatives, and the potential strategic synergies, the transactions warrant shareholder support. 4 Approve GM/News Stock Sale For For Mgmt 5 Approve News Stock Acquisition For For Mgmt 6 Amend Articles For For Mgmt 06/02/04 - A GENERAL MOTORS CORP. *GM* 370442105 04/05/04 140,183 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking
105 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- ratification of the company's auditors. 3 Prohibit Awards to Executives Against Against ShrHoldr 4 Prohibit Awards to Executives Against Against ShrHoldr 5 Separate Chairman and CEO Against Against ShrHoldr Positions 6 Limit Composition of Against Against ShrHoldr Committees to Independent Directors The company has all key committees composed of independent directors and the board is also substantial majority independent. Therefore, the proposal does not warrant shareholder support. 7 Report on Greenhouse Gas Against Against ShrHoldr Emissions 8 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 9 Establish Executive and Against Against ShrHoldr Director Stock Ownership Guidelines 04/19/04 - A GENUINE PARTS CO. *GPC* 372460105 02/12/04 43,349 1 Elect Directors For For Mgmt 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the
106 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSALS 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Company-Specific -- Against Against ShrHoldr Shareholder Miscellaneous 04/24/04 - A HARLEY-DAVIDSON, INC. 412822108 03/10/04 76,736 *HDI* 1 Elect Directors For For Mgmt 1.1 Elect Director Barry K. Allen --- For 1.2 Elect Director Richard I. Beattie --- For 2 Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Omnibus Stock Plan For For Mgmt
107 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/29/04 - A HARRAH'S ENTERTAINMENT, 413619107 03/01/04 27,549 INC. *HET* 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
108 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 5 Report on Political Against Against ShrHoldr Contributions/Activities 05/20/04 - A HASBRO, INC. *HAS* 418056107 03/31/04 43,477 1 Elect Directors For For Mgmt 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Implement and Monitor Code of Against Against ShrHoldr Corporate Conduct - ILO Standards 05/27/04 - A HILTON HOTELS CORP. *HLT* 432848109 03/29/04 94,664 1 Elect Directors For Split Mgmt 1.1 Elect Director A. Steven Crown --- For 1.2 Elect Director David Michels --- For 1.3 Elect Director John H. Myers --- Withhold John H. Myers is an affiliated outsider on the audit committee. 1.4 Elect Director Donna F. Tuttle --- For
109 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Incentive Bonus Plan For For Mgmt Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 6 Require Majority of Against For ShrHoldr Independent Directors on Board SSGA supports proposals that Require Majority of Independent
110 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Directors on Board. 05/27/04 - A HOME DEPOT, INC. (THE) 437076102 03/29/04 566,496 *HD* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Establish Term Limits for Against Against ShrHoldr Directors 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Performance- Based/Indexed Against For ShrHoldr Options SSGA supports peformance-based compensation. 6 Adopt ILO Based Code of Conduct Against Against ShrHoldr 7 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 8 Require Affirmative Vote of Against Against ShrHoldr the Majority of the Shares to Elect Directors
111 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 03/02/04 - A INTERNATIONAL GAME 459902102 01/02/04 78,902 TECHNOLOGY *IGT* 1 Elect Directors For For Mgmt 1.1 Elect Director G. Thomas Baker --- For 1.2 Elect Director Neil Barsky --- For 1.3 Elect Director Robert A. Bittman --- For 1.4 Elect Director Richard R. Burt --- For 1.5 Elect Director Leslie S. Heisz --- For 1.6 Elect Director Robert A. Mathewson --- For 1.7 Elect Director Thomas J. Matthews --- For 1.8 Elect Director Robert Miller --- For 1.9 Elect Director Frederick B. Rentschler --- For 2 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
112 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/14/04 - A J. C. PENNEY CO., INC 708160106 03/15/04 69,206 (HLDG CO) *JCP* 1 Elect Directors For For Mgmt 1.1 Elect Director Colleen C. Barrett --- For 1.2 Elect Director M.Anthony Burns --- For 1.3 Elect Director Maxine K. Clark --- For 1.4 Elect Director Allen Questrom --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 01/28/04 - A JOHNSON CONTROLS, INC. 478366107 11/20/03 21,559 *JCI* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan
113 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- and would ultimately reduce the company's corporate tax obligation. 5 Approve Non-Employee Director For For Mgmt Stock Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. 6 Amend Restricted Stock Plan For For Mgmt 05/19/04 - A JONES APPAREL GROUP, INC. 480074103 03/19/04 31,993 *JNY* 1 Elect Directors For For Mgmt 1.1 Elect Director Peter Boneparth --- For 1.2 Elect Director Sidney Kimmel --- For 1.3 Elect Director Geraldine Stutz --- For 1.4 Elect Director Howard Gittis --- For 1.5 Elect Director Anthony F. Scarpa --- For 1.6 Elect Director Matthew H. Kamens --- For 1.7 Elect Director Michael L. Tarnopol --- For 1.8 Elect Director J. Robert
114 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Kerrey --- For 1.9 Elect Director Ann N. Reese --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/01/04 - A KB HOME *KBH* 48666K109 02/12/04 11,533 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/04/04 - A KNIGHT-RIDDER, INC. *KRI* 499040103 03/15/04 20,259 1 Elect Directors For Split Mgmt 1.1 Elect Director Mark A. Ernst --- For 1.2 Elect Director K. Foley Feldstein --- For 1.3 Elect Director Thomas P. Gerrity --- For 1.4 Elect Director Gonzalo F.
115 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Valdes-Fauli --- Withhold Gonzalo F. Valdes-Fauli is an affiliated outsider on the audit and compensation committees. 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/28/04 - A KOHL'S CORP. *KSS* 500255104 03/03/04 84,759 1 Elect Directors For Split Mgmt 1.1 Elect Director Wayne Embry --- For 1.2 Elect Director John F. Herma --- Withhold WITHHOLD votes from affiliated outsider John F. Herma for standing as an affiliated outsider on the Audit and Nominating committees. 1.3 Elect Director R. Lawrence Montgomery --- For 1.4 Elect Director Frank V. Sica --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Performance-Based Against Against ShrHoldr Stock/Indexed Options 4 Separate Chairman and CEO Against Against ShrHoldr Positions
116 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/05/04 - A LEGGETT & PLATT, INC. 524660107 03/15/04 48,626 *LEG* 1 Elect Directors For Split Mgmt 1.1 Elect Director Raymond F. Bentele --- For 1.2 Elect Director Ralph W. Clark --- For 1.3 Elect Director Harry M. Cornell, Jr. --- For 1.4 Elect Director Robert Ted Enloe, III --- For 1.5 Elect Director Richard T. Fisher --- For 1.6 Elect Director Karl G. Glassman --- For 1.7 Elect Director David S. Haffner --- For 1.8 Elect Director Judy C. Odom --- For 1.9 Elect Director Maurice E. Purnell, Jr. --- Withhold Maurice E. Purnell, Jr. is an affiliated director on the nominating committee. 1.10 Elect Director Felix E. Wright --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is
117 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 05/17/04 - A LIMITED BRANDS *LTD* 532716107 03/31/04 128,800 1 Elect Directors For For Mgmt 1.1 Elect Director Eugene M. Freedman --- For 1.2 Elect Director V. Ann Hailey --- For 1.3 Elect Director David T. Kollat --- For 1.4 Elect Director Leslie H. Wexner --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 05/20/04 - A LIZ CLAIBORNE, INC. *LIZ* 539320101 03/22/04 27,625 1 Elect Directors For For Mgmt
118 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Raul J. Fernandez --- For 1.2 Elect Director Mary Kay Haben --- For 1.3 Elect Director Kenneth P. Kopelman --- For 1.4 Elect Director Arthur C. Martinez --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/28/04 - A LOWE *LOW* 548661107 04/01/04 196,129 1 Elect Directors For For Mgmt 1.1 Elect Director Leonard L. Berry --- For 1.2 Elect Director Paul Fulton --- For 1.3 Elect Director Dawn E. Hudson --- For 1.4 Elect Director Marshall O. Larsen --- For 1.5 Elect Director Robert A. Niblock --- For 1.6 Elect Director Stephen F. Page --- For 1.7 Elect Director O. Temple Sloan, Jr. --- For 1.8 Elect Director Robert L. Tillman --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
119 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 04/30/04 - A MARRIOTT INTERNATIONAL 571903202 03/08/04 58,545 INC. (NEW) *MAR* 1 Elect Directors For For Mgmt 1.1 Elect Director Lawrence W. Kellner --- For 1.2 Elect Director John W. Marriott III --- For 1.3 Elect Director Harry J. Pearce --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 05/13/04 - A MATTEL, INC. *MAT* 577081102 03/17/04 108,960 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Awards to Executives Against Against ShrHoldr 4 Prohibit Auditor from Against Against ShrHoldr Providing Non-Audit
120 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Services 05/13/04 - A MAYTAG CORP. *MYG* 578592107 03/16/04 19,891 1 Elect Directors For For Mgmt 1.1 Elect Director Wayland R. Hicks --- For 1.2 Elect Director James A. McCaslin --- For 1.3 Elect Director W. Ann Reynolds --- For 1.4 Elect Director Fred G. Steingraber --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Amend Articles For For Mgmt 5 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of
121 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- shareholders until their term is completed. 6 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 05/20/04 - A MCDONALD'S CORP. *MCD* 580135101 03/22/04 321,590 1 Elect Directors For For Mgmt 1.1 Elect Director Edward A. Brennan --- For 1.2 Elect Director Walter E. Massey --- For 1.3 Elect Director John W. Rogers, Jr. --- For 1.4 Elect Director Anne-Marie Slaughter --- For 1.5 Elect Director Roger W. Stone --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Approve/Amend For For Mgmt
122 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Executive Incentive Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 11/10/03 - A MEREDITH CORP. *MDP* 589433101 09/11/03 11,414 1 Elect Directors For For Mgmt 2 Amend Director & Officer For For Mgmt Indemnification/Liability Provisions 05/12/04 - A NEWELL RUBBERMAID INC. 651229106 03/15/04 69,571 *NWL* 1 Elect Directors For For Mgmt 1.1 Elect Director Scott S. Cowen --- For 1.2 Elect Director Cynthia A. Montgomery --- For 1.3 Elect Director Allan P. Newell --- For 1.4 Elect Director Gordon R. Sullivan --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
123 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 09/22/03 - A NIKE, INC. *NKE* 654106103 07/25/03 58,171 1 Elect Directors For Split Mgmt 1.1 Elect Director Thomas E. Clarke as Class A Director --- For 1.2 Elect Director Ralph D. DeNunzio as Class A Director --- For 1.3 Elect Director Richard K. Donahue as Class A Director --- Withhold WITHHOLD votes from Richard K. Donahue for standing as an affiliated outsider on the Nominating Committee. 1.4 Elect Director Delbert J. Hayes as Class A Director --- For 1.5 Elect Director Douglas G. Houser as Class A Director --- For 1.6 Elect Director Jeanne P. Jackson as Class A Director --- For 1.7 Elect Director Philip H. Knight as Class A Director --- For 1.8 Elect Director Charles W. Robinson as Class A Director --- For 1.9 Elect Director John R. Thompson, Jr. as Class A Director --- For 1.10 Elect Director Jill K. Conway as Class B Director --- For
124 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.11 Elect Director Alan B. Graf, Jr. as Class B Director --- For 1.12 Elect Director John E. Jaqua as Class B Director --- For 1.13 Elect Director A. Michael Spence as Class B Director --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 06/22/04 - A NORDSTROM, INC. *JWN* 655664100 03/17/04 34,841 1 Elect Directors For For Mgmt 1.1 Elect Director D. Wayne Gittinger --- For 1.2 Elect Director Enrique Hernandez, Jr. --- For 1.3 Elect Director Jeanne P. Jackson --- For 1.4 Elect Director Bruce A. Nordstrom --- For 1.5 Elect Director John N. Nordstrom --- For 1.6 Elect Director Alfred E.
125 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Osborne, Jr., Ph.D. --- For 1.7 Elect Director William D. Ruckelshaus --- For 1.8 Elect Director Alison A. Winter --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/14/04 - A OFFICE DEPOT, INC. *ODP* 676220106 03/10/04 79,329 1 Elect Directors For For Mgmt 1.1 Elect Director Lee A. Ault III --- For 1.2 Elect Director Neil R. Austrian --- For 1.3 Elect Director David W. Bernauer --- For
126 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.4 Elect Director Abelardo E. Bru --- For 1.5 Elect Director David I. Fuente --- For 1.6 Elect Director Brenda J. Gaines --- For 1.7 Elect Director Myra M. Hart --- For 1.8 Elect Director W. Scott Hedrick --- For 1.9 Elect Director James L. Heskett --- For 1.10 Elect Director Patricia H. McKay --- For 1.11 Elect Director Michael J. Myers --- For 1.12 Elect Director Bruce Nelson --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/25/04 - A OMNICOM GROUP INC. *OMC* 681919106 04/09/04 47,375 1 Elect Directors For For Mgmt 1.1 Elect Director John D. Wren --- For
127 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.2 Elect Director Bruce Crawford --- For 1.3 Elect Director Robert Charles Clark --- For 1.4 Elect Director Leonard S. Coleman, Jr. --- For 1.5 Elect Director Errol M. Cook --- For 1.6 Elect Director Susan S. Denison --- For 1.7 Elect Director Michael A. Henning --- For 1.8 Elect Director John R. Murphy --- For 1.9 Elect Director John R. Purcell --- For 1.10 Elect Director Linda Johnson Rice --- For 1.11 Elect Director Gary L. Roubos --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Non-Employee Director For For Mgmt Stock Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported.
128 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/13/04 - A PULTE HOMES INC. *PHM* 745867101 03/16/04 31,384 1 Elect Directors For For Mgmt 1.1 Elect Director Richard J. Dugas, Jr. --- For 1.2 Elect Director David N. McCammon --- For 1.3 Elect Director William J. Pulte --- For 1.4 Elect Director Francis J. Sehn --- For 1.5 Elect Director Michael E. Rossi --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditor Against For ShrHoldr The company's shareholders should be given the right to a non-binding ratification of the independent auditor selected by the company's audit committee. 05/20/04 - A RADIOSHACK CORP. *RSH* 750438103 03/23/04 40,889 1 Elect Directors For For Mgmt 1.1 Elect Director Frank J. Belatti --- For 1.2 Elect Director Ronald E.
129 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Elmquist --- For 1.3 Elect Director Robert S. Falcone --- For 1.4 Elect Director Daniel R. Feehan --- For 1.5 Elect Director Richard J. Hernandez --- For 1.6 Elect Director Lawrence V. Jackson --- For 1.7 Elect Director Robert J. Kamerschen --- For 1.8 Elect Director H. Eugene Lockhart --- For 1.9 Elect Director Jack L. Messman --- For 1.10 Elect Director William G. Morton, Jr. --- For 1.11 Elect Director Thomas G. Plaskett --- For 1.12 Elect Director Leonard H. Roberts --- For 1.13 Elect Director Edwina D. Woodbury --- For 2 Approve Deferred Compensation For Against Mgmt Plan The initiative cannot be supported due to the total dilution under all plans. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation.
130 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/04/04 - A REEBOK INTERNATIONAL LTD. 758110100 03/05/04 14,652 *RBK* 1 Elect Directors For For Mgmt 1.1 Elect Director Norman Axelrod --- For 1.2 Elect Director Paul R. Duncan --- For 1.3 Elect Director Richard G. Lesser --- For 1.4 Elect Director Deval L. Patrick --- For 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/13/04 - A SEARS, ROEBUCK & CO. *S* 812387108 03/15/04 64,330 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from
131 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- removing board members who are not acting in the best interest of shareholders until their term is completed. 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Establish Other Board Committee Against Against ShrHoldr 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 672,484 1 Elect Directors For For Mgmt 2 Approve Conversion to Series For For Mgmt of Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in
132 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment. 04/22/04 - A SNAP-ON INCORPORATED *SNA* 833034101 02/23/04 14,498 1 Elect Directors For For Mgmt 1.1 Elect Director John F. Fiedler --- For 1.2 Elect Director W. Dudley Lehman --- For 1.3 Elect Director Frank S. Ptak --- For 1.4 Elect Director Edward H. Rensi --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 06/17/04 - A STAPLES, INC. *SPLS* 855030102 04/19/04 130,600 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 15%, and the reasonable terms of the plan.
133 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 3 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 6 Submit Shareholder Rights Plan Against Against ShrHoldr (Poison Pill) to Shareholder Vote Given that the plan has already expired, and that the board has determined not to renew the plan, this proposal has become moot. 7 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own
134 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- evaluation of such plans. 8 Limit Executive Compensation Against Against ShrHoldr 9 Prohibit Auditor from Against Against ShrHoldr Providing Non-Audit Services 03/30/04 - A STARBUCKS CORP. *SBUX* 855244109 01/26/04 96,579 1 Elect Directors For For Mgmt 1.1 Elect Director William W. (Bill) Bradley --- For 1.2 Elect Director Gregory B. Maffei --- For 1.3 Elect Director Orin C. Smith --- For 1.4 Elect Director Olden Lee --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/07/04 - A STARWOOD HOTELS & RESORTS 85590A203 03/19/04 51,248 WORLDWIDE, INC. *HOT* 1 Elect Directors For Split Mgmt 1.1 Elect Director Eric Hippeau --- Withhold Eric Hippeau is a former director of Global Crossing. SSGA has chosen to WITHHOLD votes from this director. 1.2 Elect Director Daniel Yih --- For
135 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.3 Elect Director Kneeland Youngblood --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the trend of recent option grants, the size of the requested authorization and the total level of potential dilution under all plans. 4 Declassify the Board of For For Mgmt Directors 05/19/04 - A TARGET CORPORATION *TGT* 87612E106 03/22/04 230,897 1 Elect Directors For For Mgmt 1.1 Elect Director Calvin Darden --- For 1.2 Elect Director Michele J. Hooper --- For 1.3 Elect Director Anne M. Mulcahy --- For 1.4 Elect Director Stephen W. Sanger --- For 1.5 Elect Director Warren R. Staley --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt
136 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/27/04 - A THE BLACK & DECKER CORP. 091797100 02/17/04 19,404 *BDK* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Restricted Stock Plan For Against Mgmt The initiative cannot be supporte due to the level of potential dilution under all plans. 4 Limit Executive Compensation Against Against ShrHoldr 05/12/04 - A THE GAP, INC. *GPS* 364760108 03/15/04 226,949 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would
137 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Limit Executive Compensation Against Against ShrHoldr 06/30/04 - A THE GOODYEAR TIRE & RUBBER 382550101 05/10/04 44,466 CO. *GT* 1 Elect Directors For For Mgmt 1.1 Elect Director Robert J. Keegan --- For 1.2 Elect Director Rodney O'Neal --- For 1.3 Elect Director Shirley D. Peterson --- For 1.4 Elect Director John G. Breen --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Shareholder Rights Plan Against Against ShrHoldr (Poison Pill) to Shareholder Vote Because poison pills greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. Ideally, a pill should include a two- to three-year sunset provision, a reasonable flip-in (20 percent or higher), and a chewable feature allowing shareholders to redeem the pill in the event of a
138 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- takeover offer. Goodyear, in this case, has published in its guidelines that it will terminate the existing rights plan (effective June 1, 2004) and will put future plans up for shareholder approval or ratification within one year. This balances the board's ability to exercise its fiduciary duty while still permitting a shareholder vote within a reasonable timeframe. 05/18/04 - A THE INTERPUBLIC GROUP OF 460690100 03/26/04 103,334 COMPANIES, INC. *IPG* 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 MacBride Principles Against Against ShrHoldr
139 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/21/04 - A THE MAY DEPARTMENT STORES 577778103 04/02/04 71,939 CO. *MAY* 1 Elect Directors For For Mgmt 1.1 Elect Director Eugene S. Kahn --- For 1.2 Elect Director Helene L. Kaplan --- For 1.3 Elect Director James M. Kilts --- For 1.4 Elect Director Russell E. Palmer --- For 1.5 Elect Director William P. Stiritz --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders
140 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 04/28/04 - A THE MCGRAW-HILL COMPANIES, 580645109 03/09/04 48,532 INC. *MHP* 1 Elect Directors For For Mgmt 1.1 Elect Director Pedro Aspe --- For 1.2 Elect Director Robert P. McGraw --- For 1.3 Elect Director Hilda Ochoa-Brillembourg --- For 1.4 Elect Director Edward B. Rust, Jr. --- For 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power
141 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 04/13/04 - A THE NEW YORK TIMES CO. 650111107 02/17/04 37,120 *NYT* 1 Elect Directors For For Mgmt 1.1 Elect Director Raul E. Cesan --- For 1.2 Elect Director William E. Kennard --- For 1.3 Elect Director Thomas Middelhoff --- For 1.4 Elect Director Henry B. Schacht --- For 1.5 Elect Director Donald M. Stewart --- For 2 Approve A Non-Employee For For Mgmt Director Stock Incentive Plan 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/28/04 - A THE SHERWIN-WILLIAMS CO. 824348106 02/23/04 36,370 *SHW* 1 Elect Directors For For Mgmt 1.1 Elect Director James C. Boland --- For 1.2 Elect Director John G. Breen --- For 1.3 Elect Director Duane E. Collins --- For
142 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.4 Elect Director Christopher M. Connor --- For 1.5 Elect Director Daniel E. Evans --- For 1.6 Elect Director Susan J. Kropf --- For 1.7 Elect Director Robert W. Mahoney --- For 1.8 Elect Director Gary E. McCullough --- For 1.9 Elect Director A. Malachi Mixon, III --- For 1.10 Elect Director Curtis E. Moll --- For 1.11 Elect Director Joseph M. Scaminace --- For 1.12 Elect Director Richard K. Smucker --- For 2 Amend Bylaws For Against Mgmt Amendments include antitakeover provisions. 3 Amend Bylaws For For Mgmt 4 Amend Nomination Procedures For For Mgmt for the Board 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/23/04 - A THE STANLEY WORKS *SWK* 854616109 02/27/04 20,161 1 Elect Directors For For Mgmt 1.1 Elect Director John G. Breen --- For 1.2 Elect Director Virgis W.
143 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Colbert --- For 1.3 Elect Director John F. Lundgren --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 06/01/04 - A THE TJX COMPANIES, INC. 872540109 04/12/04 130,248 *TJX* 1 Elect Directors For For Mgmt 1.1 Elect Director Gary L. Crittenden --- For 1.2 Elect Director Edmond J. English --- For 1.3 Elect Director Richard G. Lesser --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan.
144 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 3 Implement ILO Based Code of Against Against ShrHoldr Conduct 4 Report on Vendor Standards Against Against ShrHoldr 5 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 03/03/04 - A THE WALT DISNEY COMPANY 254687106 01/16/04 505,009 *DIS* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 China Principles Against Against ShrHoldr 4 Report on Supplier Labor Against For ShrHoldr Standards in China Since the information requested by the proponents is already gathered by Walt Disney, the report should not be difficult to assemble or prohibitively expensive. Further, several companies that operate in similar markets have adopted policies that include disclosure on
145 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- vendor compliance with company standards, local laws, and/or international guidelines. Finally, a report addressing the issue of supplier compliance with company policies, local laws, and international guidelines on labor rights issues may serve to improve Walt Disney's public image and limit the exposure to reputational risk associated with its operations in China. 5 Report on Amusement Park Safety Against Against ShrHoldr 05/20/04 - A TIFFANY & CO. *TIF* 886547108 03/25/04 36,499 1 Elect Directors For Split Mgmt 1.1 Elect Director Michael J. Kowalski --- For 1.2 Elect Director Rose Marie Bravo --- For 1.3 Elect Director William R. Chaney --- For 1.4 Elect Director Samuel L. Hayes III --- For 1.5 Elect Director Abby F. Kohnstamm --- Withhold Abby F. Kohnstamm is an affiliated outsider on the nominating committee. 1.6 Elect Director Charles K. Marquis --- For 1.7 Elect Director J. Thomas Presby --- For 1.8 Elect Director James E. Quinn --- For
146 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.9 Elect Director William A. Shutzer --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/21/04 - A TIME WARNER INC *TWX* 887317105 03/23/04 1,127,252 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Adopt China Principles Against Against ShrHoldr 4 Report on Pay Disparity Against Against ShrHoldr 06/02/04 - A TOYS 'R' US, INC. *TOY* 892335100 04/09/04 53,298 1 Elect Directors For For Mgmt 2 Require a Majority Vote for Against Against ShrHoldr the Election of Directors 05/12/04 - A TRIBUNE CO. *TRB* 896047107 03/17/04 83,566 1 Elect Directors For Split Mgmt 1.1 Elect Director Jeffrey Chandler --- For 1.2 Elect Director William A. Osborn --- Withhold William A. Osborn is an affiliated
147 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- outsider on the audit committee. 1.3 Elect Director Kathryn C. Turner --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 05/12/04 - A TUPPERWARE CORP. *TUP* 899896104 03/15/04 14,862 1 Elect Directors For For Mgmt 1.1 Elect Director Rita Bornstein --- For 1.2 Elect Director E.V. Goings --- For 1.3 Elect Director Robert J. Murray --- For 1.4 Elect Director Joyce M. Roche --- For 1.5 Elect Director M. Anne Szostak --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
148 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/12/04 - A UNIVISION COMMUNICATIONS 914906102 03/15/04 81,683 INC. *UVN* 1 Elect Directors For For Mgmt 1.1 Elect Director A. Jerrold Perenchio --- For 1.2 Elect Director Fernando Aguirre --- For 1.3 Elect Director Harold Gaba --- For 1.4 Elect Director Alan F. Horn --- For 1.5 Elect Director John G. Perenchio --- For 1.6 Elect Director Ray Rodriguez --- For 1.7 Elect Director McHenry T. Tichenor, Jr. --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/27/04 - A VF CORP. *VFC* 918204108 03/09/04 27,362 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For For Mgmt
149 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 5 Adopt ILO Based Code of Conduct Against Against ShrHoldr 05/12/04 - A VISTEON CORPORATION *VC* 92839U107 03/15/04 33,138 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due
150 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan 5 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 6 Amend and Report on an Against Against ShrHoldr International Code of Conduct 7 Permit Voting Leverage for Against Against ShrHoldr Shareowners 04/22/04 - A WENDY's INTERNATIONAL, 950590109 03/01/04 28,450 INC. *WEN* 1 Elect Directors For For Mgmt 1.1 Elect Director Janet Hill --- For 1.2 Elect Director Paul D. House --- For 1.3 Elect Director John R. Thompson --- For 1.4 Elect Director J. Randolph Lewis --- For 2 Ratify Auditors For For Mgmt
151 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/20/04 - A WHIRLPOOL CORP. *WHR* 963320106 02/27/04 17,323 1 Elect Directors For For Mgmt 1.1 Elect Director Allan D. Gilmour --- For 1.2 Elect Director Michael F. Johnston --- For 1.3 Elect Director Janice D. Stoney --- For 1.4 Elect Director David R. Whitwam --- For 2 Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 05/20/04 - A YUM BRANDS, INC. *YUM* 988498101 03/22/04 74,563 1 Elect Directors For For Mgmt
152 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Adopt Smoke-Free Restaurant Against Against ShrHoldr Policy 5 Prepare a Sustainability Report Against Against ShrHoldr 6 Adopt MacBride Principles Against Against ShrHoldr 7 Report on Genetically Modified Against Against ShrHoldr Organisms (GMO) 8 Report on Animal Welfare Against Against ShrHoldr Standards
153 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 01/22/04 - A ALBERTO-CULVER CO. *ACV* 013068101 12/01/03 26,045 1 Elect Directors For For Mgmt 1.1 Elect Director A. G. Atwater, Jr. --- For 1.2 Elect Director Sam J. Susser --- For 1.3 Elect Director William W. Wirtz --- For 1.4 Elect Director John A. Miller --- For 1.5 Elect Director James G. Brocksmith, Jr. --- For 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Amend Articles For For Mgmt 4 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 06/10/04 - A ALBERTSON's INC. *ABS* 013104104 04/14/04 196,868 1 Elect Directors For Split Mgmt 1.1 Elect Director Pamela G. Bailey --- For 1.2 Elect Director Teresa Beck --- Withhold WITHHOLD votes from Teresa Beck
154 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------- for standing as an affiliated outsider on the Audit and Nominating committees. 1.3 Elect Director Beth M. Pritchard --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 15%, and the reasonable terms of the plan. 4 Require a Majority Vote for the Against Against ShrHoldr Election of Directors 5 Amend Vote Requirements to Amend Against For ShrHoldr Articles/Bylaws/Charter SSGA supports proposals that seek to lower supermajority vote requirements. 6 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 7 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition,
155 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 04/29/04 - A ALTRIA GROUP, INC. *MO* 02209S103 03/08/04 356,799 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Product Warnings for Against Against ShrHoldr Pregnant Women 4 Report on Health Risks Against Against ShrHoldr Associated with Cigarette Filters 5 Political Against Against ShrHoldr Contributions/Activities 6 Cease Use of Light and Ultra Against Against ShrHoldr Light in Cigarette Marketing 7 Place Canadian Style Warnings on Against Against ShrHoldr Cigarette Packaging 8 Separate Chairman and CEO Against Against ShrHoldr Positions 04/28/04 - A ANHEUSER-BUSCH COMPANIES, 035229103 03/01/04 280,076 INC. *BUD* 1 Elect Directors For For Mgmt 1.1 Elect Director August A. Busch III --- For 1.2 Elect Director Carlos
156 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Fernandez G. --- For 1.3 Elect Director James R. Jones --- For 1.4 Elect Director Andrew C. Taylor --- For 1.5 Elect Director Douglas A. Warner III --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 11/06/03 - A ARCHER-DANIELS-MIDLAND 039483102 09/12/03 214,164 COMPANY *ADM* 1 Elect Directors For For Mgmt 05/06/04 - A AVON PRODUCTS, INC. *AVP* 054303102 03/15/04 88,795 1 Elect Directors For Split Mgmt 1.1 Elect Director Edward T. Fogarty --- For 1.2 Elect Director Susan J. Kropf --- For 1.3 Elect Director Maria Elena Lagomasino --- Withhold WITHHOLD votes from Maria Elena Lagomasino for standing as an affiliated outsider on the Compensation and Nominating committees. 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Increase Authorized Common Stock For For Mgmt
157 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ The size of the increase (88%) requested falls within guidelines. 4 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 5 Report on Feasibility of Against Against ShrHoldr Removing Parabens from Company Products 6 Report on Feasibility of Against Against ShrHoldr Removing Dibutyl Phthalate from Company Products 07/24/03 - A BROWN-FORMAN CORP. *BF.B* 115637209 06/16/03 16,261 1 Elect Directors For For Mgmt 01/08/04 - WC BROWN-FORMAN CORP. *BF.B* 115637209 11/28/03 22,749 1 Increase Authorized Common Stock For For Mgmt The size of the increases (90% and 67%) requested falls within guidelines.
158 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 11/21/03 - A CAMPBELL SOUP CO. *CPB* 134429109 09/23/03 131,048 1 Elect Directors For For Mgmt 1.1 Elect Director Edmund M. Carpenter --- For 1.2 Elect Director Douglas R. Conant --- For 1.3 Elect Director Paul R. Charron --- For 1.4 Elect Director Bennett Dorrance --- For 1.5 Elect Director Kent B. Foster --- For 1.6 Elect Director Harvey Golub --- For 1.7 Elect Director Randall W. Larrimore --- For 1.8 Elect Director Philip E. Lippincott --- For 1.9 Elect Director Mary Alice D. Malone --- For 1.10 Elect Director David C. Patterson --- For 1.11 Elect Director Charles R. Perrin --- For 1.12 Elect Director George M. Sherman --- For 1.13 Elect Director Donald M. Stewart --- For 1.14 Elect Director George Strawbridge, Jr. --- For 1.15 Elect Director Les C. Vinney --- For 1.16 Elect Director Charlotte C. Weber --- For 2 Ratify Auditors For For Mgmt
159 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/30/04 - A COCA-COLA ENTERPRISES INC. 191219104 03/04/04 185,937 *CCE* 1 Elect Directors For Split Mgmt 1.1 Elect Director John R. Alm --- For 1.2 Elect Director J. Trevor Eyton --- For 1.3 Elect Director Gary P. Fayard --- For 1.4 Elect Director L. Phillip Humann --- Withhold L. Phillip Humann is an affiliated outsider on the compensation commitee. 1.5 Elect Director Paula G. Rosput --- For 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Omnibus Stock Plan For Against Mgmt
160 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Amend Deferred Compensation Plan For For Mgmt 5 Approve Employee Stock Purchase For For Mgmt Plan The number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 6 Approve Employee Stock Purchase For For Mgmt Plan The number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 7 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 8 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 9 Report on Recycling Policy Against Against ShrHoldr 05/07/04 - A COLGATE-PALMOLIVE CO. *CL* 194162103 03/09/04 188,175 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan
161 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 5 Adopt ILO Based Code of Conduct Against Against ShrHoldr 6 Separate Chairman and CEO Against Against ShrHoldr Positions 09/25/03 - A CONAGRA FOODS INC. *CAG* 205887102 07/31/03 162,204 1 Elect Directors For For Mgmt 1.1 Elect Director David H. Batchelder --- For 1.2 Elect Director Robert A. Krane --- For 1.3 Elect Director Mark H. Rauenhorst --- For 1.4 Elect Director Bruce Rohde --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSALS 4 Genetically Modified Organisms Against Against ShrHoldr (GMO) 5 Modify Current and Future Stock Against Against ShrHoldr Option Plans 6 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote
162 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 10/03/03 - S COORS (ADOLPH) COMPANY *RKY* 217016104 08/25/03 21,591 1 Change State of Incorporation For For Mgmt from Colorado to Delaware 2 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes. 01/29/04 - A COSTCO WHOLESALE CORPORATION 22160K105 12/05/03 135,319 *COST* 1 Elect Directors For For Mgmt 1.1 Elect Director Benjamin S. Carson, Sr., M.D. as Class II Director --- For 1.2 Elect Director Hamilton E. James as Class II Director --- For 1.3 Elect Director Jill S. Ruckelshaus as Class II Director --- For 1.4 Elect Director William H. Gates,
163 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ II as Class II Director --- For 1.5 Elect Director Daniel J. Evans as Class I Director --- For SHAREHOLDER PROPOSALS 2 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 3 Develop Land Procurement Policy Against Against ShrHoldr MANAGEMENT PROPOSAL 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/12/04 - A CVS CORPORATION *CVS* 126650100 03/15/04 154,902 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For For Mgmt 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Limit Executive Compensation Against Against ShrHoldr
164 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 09/22/03 - A GENERAL MILLS, INC. *GIS* 370334104 07/24/03 105,830 1 Elect Directors For For Mgmt 1.1 Elect Director Stephen R. Demeritt --- For 1.2 Elect Director Livio D. DeSimone --- For 1.3 Elect Director William T. Esrey --- For 1.4 Elect Director Raymond V. Gilmartin --- For 1.5 Elect Director Judith Richards Hope --- For 1.6 Elect Director Robert L. Johnson --- For 1.7 Elect Director John M. Keenan --- For 1.8 Elect Director Heidi G. Miller --- For 1.9 Elect Director Hilda Ochoa-Brillembourg --- For 1.10 Elect Director Stephen W. Sanger --- For 1.11 Elect Director A. Michael Spence --- For 1.12 Elect Director Dorothy A. Terrell --- For 1.13 Elect Director Raymond G. Viault --- For 1.14 Elect Director Paul S. Walsh --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt
165 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 09/12/03 - A H. J. HEINZ CO. *HNZ* 423074103 07/18/03 106,221 1 Elect Directors For For Mgmt 1.1 Elect Director William R. Johnson --- For 1.2 Elect Director Charles E. Bunch --- For 1.3 Elect Director Mary C. Choksi --- For 1.4 Elect Director Leonard S. Coleman, Jr. --- For 1.5 Elect Director Peter H. Coors --- For 1.6 Elect Director Edith E. Holiday --- For 1.7 Elect Director Candace Kendle --- For 1.8 Elect Director Dean R. O'Hare --- For 1.9 Elect Director Lynn C. Swann --- For 1.10 Elect Director Thomas J. Usher --- For 1.11 Elect Director James M. Zimmerman --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
166 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 04/28/04 - A HERSHEY FOODS CORP. *HSY* 427866108 03/01/04 52,458 1 Elect Directors For For Mgmt 1.1 Elect Director J.A. Boscia --- For 1.2 Elect Director R.H. Campbell --- For 1.3 Elect Director R.F. Cavanaugh --- For 1.4 Elect Director G.P. Coughlan --- For 1.5 Elect Director H. Edelman --- For 1.6 Elect Director B.G. Hill --- For 1.7 Elect Director R.H. Lenny --- For 1.8 Elect Director M.J. Mcdonald --- For 1.9 Elect Director M.J. Toulantis --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/23/04 - A KELLOGG CO. *K* 487836108 03/04/04 153,985 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Genetically Modified Against Against ShrHoldr Organisms (GMO)
167 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 04/29/04 - A KIMBERLY-CLARK CORP. *KMB* 494368103 03/01/04 178,225 1 Elect Directors For For Mgmt 1.1 Elect Director Pastora San Juan Cafferty --- For 1.2 Elect Director Claudio X. Gonzalez --- For 1.3 Elect Director Linda Johnson Rice --- For 1.4 Elect Director Marc J. Shapiro --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 05/05/04 - A PEPSICO, INC. *PEP* 713448108 03/12/04 363,098 1 Elect Directors For For Mgmt
168 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Report on Political Against Against ShrHoldr Contributions/Activities 5 Report on Operational Impact of Against Against ShrHoldr HIV/AIDS, TB, and Malaria Pandemic 05/20/04 - A SAFEWAY INC. *SWY* 786514208 03/25/04 190,600 1 Elect Directors For Split Mgmt 1.1 Elect Director Steven A. Burd --- For 1.2 Elect Director Robert I. MacDonnell --- Withhold Robert I. MacDonnell is an affiliated outsider by SSGA standards, on the Compensation committee. 1.3 Elect Director William Y. Tauscher --- Withhold William Y. Tauscher is an affiliated outsider by SSGA standards, on all key committees. 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
169 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 3 Declassify the Board of Directors For For Mgmt 4 Approve Repricing of Options For Against Mgmt SSGA does not support proposals that seek to approve the reprcing of options. 5 Amend Bylaws to Require Against Against ShrHoldr Independent Director as Chairman of the Board 6 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 7 Report on Genetically Modified Against Against ShrHoldr Organisms (GMO) 8 Prepare Sustainability Report Against For ShrHoldr While Safeway does have certain information on social, environmental, and economic initiatives available on the company website, detailed disclosure on issues of environmental performance, diversity, workplace health and safety, and sustainable growth could be improved and included as part of a more comprehensive report. Additionally, we do not believe that the incremental approach advocated by the GRI would be overly burdensome for the company to implement, especially
170 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ since it appears that the company is already tracking and reporting on some of the information necessary to prepare the report. Therefore, considering the current lack of detailed disclosure and the potential benefits that could be derived from increased reporting, this proposal warrants support. 9 Report on Political Contributions Against Against ShrHoldr 10 Expense Stock Options Against Against ShrHoldr 10/30/03 - A SARA LEE CORP. *SLE* 803111103 09/02/03 234,766 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSALS 3 Report on Charitable Contributions Against Against ShrHoldr 4 Implement and Monitor Code of Against Against ShrHoldr Corporate Conduct - ILO Standards 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 2,252,693 1 Elect Directors For For Mgmt 2 Approve Conversion to Series of For For Mgmt Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to
171 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment. 05/26/04 - A SUPERVALU INC. *SVU* 868536103 04/01/04 79,069 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Require Affirmative Vote of the Against Against ShrHoldr Majority of the Shares to Elect Directors 11/07/03 - A SYSCO CORPORATION *SYY* 871829107 09/09/03 190,489 1 Elect Directors For For Mgmt 2 Increase Authorized Common Stock For For Mgmt Although the company has offered no specific purpose for the additional shares, the size of the increase (100%)
172 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ requested falls within guidelines. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. SHAREHOLDER PROPOSAL 4 Report on the Impact of Against Against ShrHoldr Genetically Engineered Products 11/19/03 - A THE CLOROX COMPANY *CLX* 189054109 09/22/03 70,174 1 Elect Directors For For Mgmt 1.1 Elect Director Daniel Boggan, Jr. --- For 1.2 Elect Director Tully M. Friedman --- For 1.3 Elect Director Christoph Henkel --- For 1.4 Elect Director William R. Johnson --- For 1.5 Elect Director Gerald E. Johnston --- For 1.6 Elect Director Robert W. Matschullat --- For 1.7 Elect Director Gary G. Michael --- For 1.8 Elect Director Klaus Morwind --- For 1.9 Elect Director Jan L. Murley --- For 1.10 Elect Director Lary R. Scott --- For 1.11 Elect Director Michael E. Shannon --- For
173 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.12 Elect Director G. Craig Sullivan --- For 2 Approve Deferred Compensation Plan For For Mgmt 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/21/04 - A THE COCA-COLA COMPANY *KO* 191216100 02/23/04 767,086 1 Elect Directors For For Mgmt 1.1 Elect Director Herbert A. Allen --- For 1.2 Elect Director Ronald W. Allen --- For 1.3 Elect Director Cathleen P. Black --- For 1.4 Elect Director Warren E. Buffett --- For We cannot deny an affiliation exists. We feel, however, the question rests in whether we believe his substantial ownership stake mitigates or negates his outside affiliation and that his presence on the audit committee is critical to KO or best serves KO? SSgA does not require but would tend to prefer board members who have skins in the game, aligning their interests with the interests of shareholders. In his case, Mr. Buffet has more than enough skins and his membership on the audit committee is logical given that such a large personal stake will more than ensure he acts in his best interests, which are
174 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ aligned with overall shareholders best interests. Mr. Buffet is the quintessential stake-holder and his presence on the KO board offers one of the true independent voices in corporate America. SSgA policy currently recommends voting against Mr. Buffet. Based on the analysis above we have identified investment reasons for overriding policy. 1.5 Elect Director Douglas N. Daft --- For 1.6 Elect Director Barry Diller --- For 1.7 Elect Director Donald R. Keough --- For 1.8 Elect Director Susan Bennett King --- For 1.9 Elect Director Maria Elena Lagomasino --- For 1.10 Elect Director Donald F. Mchenry --- For 1.11 Elect Director Robert L. Nardelli --- For 1.12 Elect Director Sam Nunn --- For 1.13 Elect Director J. Pedro Reinhard --- For 1.14 Elect Director James D. Robinson III --- For 1.15 Elect Director Peter V. Ueberroth --- For 1.16 Elect Director James B. Williams --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
175 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 3 Report on Operational Impact of For For ShrHoldr HIV/AIDS Pandemic 4 Report on Stock Option Against Against ShrHoldr Distribution by Race and Gender 5 Prohibit Awards to Executives Against Against ShrHoldr 6 Submit Executive Compensation to Against For ShrHoldr Vote SSGA supports perfromance-based compensation. 7 Submit Executive Compensation to Against Against ShrHoldr Vote 8 Implement China Principles Against Against ShrHoldr 9 Separate Chairman and CEO Against Against ShrHoldr Positions 05/20/04 - A THE GILLETTE CO. *G* 375766102 03/22/04 363,515 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench
176 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 5 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 6 Expense Stock Options Against Against ShrHoldr 06/24/04 - A THE KROGER CO. *KR* 501044101 04/26/04 361,747 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 4 Separate Chairman and CEO Against Against ShrHoldr Positions 5 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote
177 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/26/04 - A THE PEPSI BOTTLING GROUP, 713409100 03/29/04 124,462 INC. *PBG* 1 Elect Directors For For Mgmt 1.1 Elect Director Linda G. Alvarado --- For 1.2 Elect Director Barry H. Beracha --- For 1.3 Elect Director John T. Cahill --- For 1.4 Elect Director Ira D. Hall --- For 1.5 Elect Director Thomas H. Kean --- For 1.6 Elect Director Susan D. Kronick --- For 1.7 Elect Director Blythe J. McGarvie --- For 1.8 Elect Director Margaret D. Moore --- For 1.9 Elect Director Rogelio Rebolledo --- For 1.10 Elect Director Clay G. Small --- For 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
178 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 10/14/03 - A THE PROCTER & GAMBLE COMPANY 742718109 08/01/03 336,336 *PG* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. SHAREHOLDER PROPOSALS 4 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 5 Label Genetically Engineered Foods Against Against ShrHoldr
179 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/04/04 - A UST INC. *UST* 902911106 03/05/04 73,212 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Shareholder Rights Plan None For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 4 Reduce Nitrosamines in Oral Snuff Against Against ShrHoldr 06/04/04 - A WAL-MART STORES, INC. *WMT* 931142103 04/05/04 1,555,905 1 Elect Directors For For Mgmt 2 Approve Stock Option Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 15%, and the reasonable terms of the plan. 3 Approve Stock Option Plan For For Mgmt 4 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering
180 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ period is reasonable, and there are limitations on participation. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 6 Separate Chairman and CEO Against Against ShrHoldr Positions 7 Prepare Sustainability Report Against For ShrHoldr In this case, Wal-Mart has some discussion of issues related to sustainability available on the company website and through its other initiatives, it does not specifically address a number of key, environment, health and safety, and economic issues in detail. Sustainability reporting is becoming the norm at many large companies and that Wal-Mart has continued to face concerns related to certain employment and labor issues in its operations. As such, more comprehensive reporting on sustainability issues will benefit Wal-Mart, as this will help the company to better assess the financial risks that such issues pose to its business and the company's future growth. Further, considering the scope of this proposal and the fact that some of this information is already available on parts of the company's website, it does not appear that consolidation of this data into a sustainability report would prove overly burdensome or costly to
181 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ shareholders. 8 Report on Stock Option Against Against ShrHoldr Distribution by Race and Gender 9 Report on Genetically Modified Against Against ShrHoldr Organisms (GMO) 10 Prepare Diversity Report Against For ShrHoldr In this case, the proponents are asking the company to disclose information about the company's equal employment policies and programs, the minority composition of the workforce, policies aimed at increasing women and minority managers, and policies regarding supporting minority owned businesses and suppliers. Wal-Mart has been subject of one or more EEOC lawsuits alleging employer discrimination and possibly one of the largest gender discrimination lawsuits in history. While the company does disclose some general information regarding its diversity initiatives on its website and publishes a brochure containing such information, the company does not disclose data regarding the advancement of women and minorities throughout the various levels of the company. As employment diversity issues and subsequent litigation can affect the company's bottom line and reputation, increased disclosure of the type requested by this proposal could be of value to shareholders. As employment diversity issues can
182 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ impact corporate reputation, such information should be made available to shareholders of the company. 11 Submit Executive Compensation to Against Against ShrHoldr Vote 01/14/04 - A WALGREEN CO. *WAG* 931422109 11/17/03 258,781 1 Elect Directors For For Mgmt 2 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan 10/08/03 - A WINN-DIXIE STORES, INC. 974280109 08/01/03 80,403 *WIN* 1 Elect Directors For For Mgmt 1.1 Elect Director Tillie K. Fowler as Class II Director --- For 1.2 Elect Director Frank Lazaran as Class II Director --- For 1.3 Elect Director Edward W. Mehrer, Jr. as Class II Director --- For 1.4 Elect Director Ronald Townsend as Class II Director --- For 1.5 Elect Director John E. Anderson as Class III Director --- For 2 Approve Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all
183 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Amend Stock Option Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 03/09/04 - A WM. WRIGLEY JR. CO. *WWY* 982526105 01/15/04 71,164 1 Elect Directors For For Mgmt 1.1 Elect Director Thomas A. Knowlton --- For 1.2 Elect Director Steven B. Sample --- For 1.3 Elect Director Alex Shumate --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
184 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 04/23/04 - A ABBOTT LABORATORIES *ABT* 002824100 02/25/04 588,410 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Drug Pricing Against Against ShrHoldr 4 Report on Political Against Against ShrHoldr Contributions/Activities 5 Prohibit Awards to Executives Against Against ShrHoldr 6 Report on Operational Imact of Against Against ShrHoldr HIV/AIDS, TB, and Malaria Pandemic 04/30/04 - A AETNA INC. *AET* 00817Y108 02/27/04 69,702 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 4 Limit Executive Compensation Against Against ShrHoldr
185 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 04/28/04 - A ALLERGAN, INC. *AGN* 018490102 03/08/04 61,376 1 Elect Directors For Split Mgmt 1.1 Elect Director Handel E. Evans --- For We recommend a vote FOR the directors with the exception of affiliated outsider Gavin S. Herbert, from whom we recommend shareholders WITHHOLD votes for standing as an affiliated outsider on the Audit Committee. 1.2 Elect Director Michael R. Gallagher --- For 1.3 Elect Director Gavin S. Herbert --- Withhold WITHHOLD votes for standing as an affiliated outsider on the Audit Committee. 1.4 Elect Director Stephen J. Ryan --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Against Against ShrHoldr 4 Separate Chairman and CEO Against Against ShrHoldr Positions 03/05/04 - A AMERISOURCEBERGEN CORP *ABC* 03073E105 01/12/04 39,913 1 Elect Directors For For Mgmt
186 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/13/04 - A AMGEN, INC. *AMGN* 031162100 03/19/04 598,164 1 Elect Directors For Split Mgmt 1.1 Elect Director Frank J. Biondi, Jr. --- For 1.2 Elect Director Jerry D. Choate --- Withhold WITHHOLD votes from Jerry D. Choate for standing as an affiliated outsider on the Audit and Compensation committees. 1.3 Elect Director Frank C. Herringer --- For 1.4 Elect Director Gilbert S. Omenn --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Prepare Glass Ceiling Report Against Against ShrHoldr 4 Expense Stock Options Against Against ShrHoldr 05/17/04 - A ANTHEM INC. *ATH* 03674B104 03/19/04 65,743 1 Elect Directors For For Mgmt 06/28/04 - S ANTHEM INC. *ATH* 03674B104 05/10/04 66,499 1 Issue Shares in Connection with For For Mgmt an Acquisition Based on the sensible strategic rationale, the potential cost and revenue synergies to be derived from the proposed combination, the
187 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ accretive nature of the deal, and the valuation work and marketing process of company's financial advisor, the merger agreement warrants shareholder support. 2 Change Company Name For For Mgmt This proposal seeks shareholder support of a change in the company's name. In this case there is little danger that sales would suffer due to loss of name recognition and associated goodwill. Since it is unlikely that adoption of this proposal will have a negative impact on the financial position of the company, this proposal can be supported. 10/16/03 - A APPLERA CORP *ABI* 038020103 08/27/03 52,482 1 Elect Directors For For Mgmt 1.1 Elect Director Richard H. Ayers --- For 1.2 Elect Director Jean-Luc Belingard --- For 1.3 Elect Director Robert H. Hayes --- For 1.4 Elect Director Arnold J. Levine --- For 1.5 Elect Director William H. Longfield --- For 1.6 Elect Director Theodore E. Martin --- For 1.7 Elect Director Carolyn W. Slayman --- For 1.8 Elect Director Orin R. Smith --- For
188 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.9 Elect Director James R. Tobin --- For 1.10 Elect Director Tony L. White --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/27/04 - A BAUSCH & LOMB INC. *BOL* 071707103 03/01/04 25,831 1 Elect Directors For For Mgmt 1.1 Elect Director Alan M. Bennett --- For 1.2 Elect Director Domenico De Sole --- For 1.3 Elect Director Kenneth L. Wolfe --- For 1.4 Elect Director Ronald L. Zarrella --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/04/04 - A BAXTER INTERNATIONAL INC. 071813109 03/05/04 283,453 *BAX* 1 Elect Directors For For Mgmt 1.1 Elect Director John D. Forsyth --- For 1.2 Elect Director Gail D. Fosler --- For 1.3 Elect Director Carole J. Uhrich --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification
189 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ of the company's auditors. 3 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 02/11/04 - A BECTON, DICKINSON AND 075887109 12/15/03 83,524 COMPANY *BDX* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. SHAREHOLDER PROPOSAL 4 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders.
190 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 06/16/04 - A BIOGEN IDEC INC *BIIB* 09062X103 04/20/04 154,795 1 Elect Directors For For Mgmt 1.1 Elect Director Alan Belzer --- For 1.2 Elect Director Mary L. Good --- For 1.3 Elect Director James C. Mullen --- For 1.4 Elect Director Bruce R. Ross --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 11/12/03 - S BIOGEN, INC. 090597105 09/25/03 40,240 1 Approve Merger Agreement For For Mgmt Based on the strategic rationale of the transaction, the fairness opinion, the potential strategic synergies, and the positive governance implications, the merger agreement warrants shareholder support. 2 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes.
191 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 09/27/03 - A BIOMET, INC. *BMET* 090613100 08/07/03 56,235 1 Elect Directors For For Mgmt 1.1 Elect Director Jerry L. Ferguson --- For 1.2 Elect Director Daniel P. Hann --- For 1.3 Elect Director Thomas F. Kearns, Jr. --- For 1.4 Elect Director Dane A. Miller, Ph.D. --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 10/06/03 - S BOSTON SCIENTIFIC CORP. 101137107 08/27/03 92,661 *BSX* 1 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 05/11/04 - A BOSTON SCIENTIFIC CORP. 101137107 03/19/04 383,464 *BSX* 1 Elect Directors For For Mgmt 1.1 Elect Director Ursula M. Burns --- For 1.2 Elect Director Marye Anne Fox --- For 1.3 Elect Director N.J. Nicholas, Jr. --- For 1.4 Elect Director John E. Pepper --- For 2 Ratify Auditors For For Mgmt
192 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Routine proposal seeking ratification of the company's auditors. 05/04/04 - A BRISTOL-MYERS SQUIBB CO. 110122108 03/08/04 891,171 *BMY* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Political Against Against ShrHoldr Contributions/Activities 4 Cease Political Against Against ShrHoldr Contributions/Activities 5 Separate Chairman and CEO Against Against ShrHoldr Positions 6 Report on Operational Impact of Against Against ShrHoldr HIV/AIDS, TB, and Malaria Pandemic 7 Require Affirmative Vote of a Against Against ShrHoldr Majority of the Shares to Elect Directors 04/21/04 - A C. R. BARD, INC. *BCR* 067383109 03/01/04 24,860 1 Elect Directors For For Mgmt 1.1 Elect Director Anthony Welters --- For 1.2 Elect Director Tony L. White --- For 1.3 Elect Director Theodore E. Martin --- For 1.4 Elect Director Timothy M. Ring --- For 2 Approve Omnibus Stock Plan For For Mgmt
193 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Amend Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 11/05/03 - A CARDINAL HEALTH, INC. *CAH* 14149Y108 09/08/03 101,862 1 Elect Directors For For Mgmt 05/04/04 - A CAREMARK RX, INC. *CMX* 141705103 04/01/04 206,300 1 Elect Directors For For Mgmt 05/27/04 - A CHIRON CORP. *CHIR* 170040109 03/29/04 88,865 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans.
194 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/28/04 - A CIGNA CORP. *CI* 125509109 03/01/04 65,261 1 Elect Directors For For Mgmt 1.1 Elect Director Robert H. Campbell --- For 1.2 Elect Director Jane E. Henney, M.D. --- For 1.3 Elect Director Charles R. Shoemate --- For 1.4 Elect Director Louis W. Sullivan, M.D. --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/19/04 - A ELI LILLY AND CO. *LLY* 532457108 02/13/04 481,332 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Limit Executive Against Against ShrHoldr
195 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Compensation 5 Report on Drug Pricing Against Against ShrHoldr 05/26/04 - A EXPRESS SCRIPTS, INC. *ESRX* 302182100 03/31/04 38,109 1 Elect Directors For Split Mgmt 1.1 Elect Director Gary G. Benanav --- Withhold Gary G. Benanav is an affiliated outsider on the compensation committee. 1.2 Elect Director Frank J. Borelli --- For 1.3 Elect Director Nicholas J. LaHowchic --- For 1.4 Elect Director Thomas P. Mac Mahon --- For 1.5 Elect Director John O. Parker, Jr. --- For 1.6 Elect Director George Paz --- For 1.7 Elect Director Samuel K. Skinner --- For 1.8 Elect Director Seymour Sternberg --- Withhold Seymour Sternberg is an affiliated outsider on the nominating committee. 1.9 Elect Director Barrett A. Toan --- For 1.10 Elect Director Howard L. Waltman --- For 2 Increase Authorized Common Stock For For Mgmt The size of the increase (52%) requested falls within guidelines.
196 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 08/11/03 - A FOREST LABORATORIES, INC. 345838106 06/20/03 73,422 *FRX* 1 Elect Directors For Split Mgmt 1.1 Elect Director Howard Solomon --- For 1.2 Elect Director William J. Candee, III --- For 1.3 Elect Director George S. Cohan --- For 1.4 Elect Director Dan L. Goldwasser --- For 1.5 Elect Director Lester B. Salans, M.D. --- For 1.6 Elect Director Kenneth E. Goodman --- For 1.7 Elect Director Phillip M. Satow --- Withhold WITHHOLD votes from Phillip M. Satow for standing as an affiliated outsider on the Audit Committee. 2 Increase Authorized Common Stock For Against Mgmt The number of additional authorized common shares sought in this proposal exceeds guidelines (300%). The company has not offered a specific purpose for the additional shares. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification
197 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ of the company's auditors. 05/27/04 - A GENZYME CORP. *GENZ* 372917104 03/31/04 106,180 1 Elect Directors For For Mgmt 2 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Approve Stock Option Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Amend Non-Employee Director For For Mgmt Stock Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. 5 Increase Authorized Preferred For Against Mgmt Stock In this case, management has
198 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ specifically stated that the shares will be used in connection with the poison pill. 6 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 7 Limit Awards to Executives Against Against ShrHoldr 05/18/04 - A GUIDANT CORP. *GDT* 401698105 03/11/04 144,477 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Against Against ShrHoldr 05/27/04 - A HCA, INC. *HCA* 404119109 04/01/04 231,899 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Management Stock Purchase For For Mgmt Plan 02/17/04 - A HEALTH MANAGEMENT 421933102 12/19/03 81,964 ASSOCIATES, INC. *HMA* 1 Elect Directors For For Mgmt
199 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 04/22/04 - A HUMANA INC. *HUM* 444859102 03/01/04 77,667 1 Elect Directors For For Mgmt 05/07/04 - A IMS HEALTH INC. *RX* 449934108 03/05/04 114,630 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 4 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 04/22/04 - A JOHNSON & JOHNSON *JNJ* 478160104 02/24/04 1,317,975 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Cease Charitable Contributions Against Against ShrHoldr
200 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 11/04/03 - A KING PHARMACEUTICALS INC. 495582108 09/05/03 63,965 *KG* 1 Elect Directors For For Mgmt 1.1 Elect Director Earnest W. Deavenport, Jr. as Class II Director --- For 1.2 Elect Director Elizabeth M. Greetham as Class II Director --- For 1.3 Elect Director James R. Lattanzi as Class III Director --- For 1.4 Elect Director Philip M. Pfeffer as Class II Director --- For 1.5 Elect Director Ted G. Wood as Class I Director --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/05/04 - A MANOR CARE, INC. *HCR* 564055101 03/12/04 45,037 1 Elect Directors For Split Mgmt 1.1 Elect Director Virgis W. Colbert --- Withhold WITHHOLD votes from Audit Committee member and independent outsider Virgis W. Colbert for paying excessive non-audit fees. 1.2 Elect Director William H. Longfield --- For 1.3 Elect Director Paul A.
201 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Ormond --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Declassify the Board of Directors For For Mgmt 4 Ratify Auditors For Against Mgmt Non-audit fees are two times greater than audit fees. 5 Limit Executive Compensation Against Against ShrHoldr 07/30/03 - A MCKESSON CORP. *MCK* 58155Q103 06/03/03 57,405 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSAL 3 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote The compensation commitee consists of only independent directors. 04/21/04 - A MEDCO HEALTH SOLUTIONS INC 58405U102 03/10/04 127,193 *MHS* 1 Elect Directors For For Mgmt
202 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.1 Elect Director David B. Snow, Jr. --- For 1.2 Elect Director Howard W. Barker, Jr. --- For 1.3 Elect Director Brian L. Strom, Md, Mph --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/20/04 - A MEDIMMUNE, INC. *MEDI* 584699102 03/31/04 120,554 1 Elect Directors For Split Mgmt 1.1 Elect Director Wayne T. Hockmeyer --- For 1.2 Elect Director David M. Mott --- For 1.3 Elect Director David Baltimore --- For 1.4 Elect Director M. James Barrett --- For 1.5 Elect Director Melvin D. Booth --- For 1.6 Elect Director James H. Cavanaugh --- For 1.7 Elect Director Barbara Hackman Franklin --- For 1.8 Elect Director Gordon S. Macklin --- Withhold Gordon S. Macklin is a former WorldCom Director and SSGA has chosen to WITHHOLD votes from this director. 1.9 Elect Director Elizabeth H. S. Wyatt --- For 2 Approve Omnibus Stock For For Mgmt
203 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Plan The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 08/28/03 - A MEDTRONIC, INC. *MDT* 585055106 07/03/03 248,671 1 Elect Directors For Split Mgmt 1.1 Elect Director Richard H. Anderson --- For 1.2 Elect Director Michael R. Bonsignore --- For 1.3 Elect Director Gordon M. Sprenger --- Withhold 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and
204 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ would ultimately reduce the company's corporate tax obligation. 04/27/04 - A MERCK & CO., INC. *MRK* 589331107 02/24/04 987,974 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors For For Mgmt 4 Prohibit Awards to Executives Against Against ShrHoldr 5 Develop Ethical Criteria for Against Against ShrHoldr Patent Extension 6 Link Executive Compensation to Against Against ShrHoldr Social Issues 7 Report on Political Contributions Against Against ShrHoldr 8 Report on Operational Impact of Against Against ShrHoldr HIV/AIDS, TB, and Malaria Pandemic 04/28/04 - A MILLIPORE CORP. *MIL* 601073109 03/05/04 25,326 1 Elect Directors For For Mgmt 04/22/04 - A PFIZER INC. *PFE* 717081103 02/27/04 3,388,701 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification
205 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Report on Operational Impact of Against Against ShrHoldr HIV/AIDS, TB, and Malaria Pandemic 5 Cease Political Against Against ShrHoldr Contributions/Activities 6 Report on Political Against Against ShrHoldr Contributions/Activities 7 Establish Term Limits for Against Against ShrHoldr Directors 8 Report on Drug Pricing Against Against ShrHoldr 9 Limit Awards to Executives Against Against ShrHoldr 10 Amend Animal Testing Policy Against Against ShrHoldr 05/04/04 - A QUEST DIAGNOSTICS, 74834L100 03/08/04 49,324 INCORPORATED *DGX* 1 Elect Directors For For Mgmt 1.1 Elect Director William R. Grant --- For 1.2 Elect Director Surya N. Mohapatra --- For 1.3 Elect Director John C. Baldwin --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
206 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 09/25/03 - S QUINTILES TRANSNATIONAL 748767100 08/19/03 33,607 Corp. 1 Approve Merger Agreement For For Mgmt Based on the market premium and the fairness opinion, buyout warrants shareholder support. In addition, the negotiation process was conducted by an independent special committee, ensuring that the interests of non-interested shareholders are best served. 2 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes. 04/27/04 - A SCHERING-PLOUGH CORP. *SGP* 806605101 03/05/04 679,998 1 Elect Directors For For Mgmt 1.1 Elect Director Fred Hassan --- For 1.2 Elect Director Philip Leder, M.D. --- For 1.3 Elect Director Eugene R. McGrath --- For 1.4 Elect Director Richard de J. Osborne --- For 2 Ratify Auditors For For Mgmt
207 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 1,212,748 1 Elect Directors For For Mgmt 2 Approve Conversion to Series of For For Mgmt Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment.
208 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/12/04 - A ST. JUDE MEDICAL, INC. *STJ* 790849103 03/15/04 82,099 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 5 Limit Executive Compensation Against Against ShrHoldr 04/20/04 - A STRYKER CORP. *SYK* 863667101 02/27/04 90,222 1 Elect Directors For Split Mgmt 1.1 Elect Director John W. Brown --- For 1.2 Elect Director Howard E. Cox, Jr. --- For 1.3 Elect Director Donald M. Engelman, Ph.D. --- Withhold WITHHOLD votes from Ronda E. Stryker for standing as an affiliated outsider on the compensation and nominating committees and from
209 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Donald M. Engelman, Ph.D. for standing as affiliated outsiders on the nominating committee. 1.4 Elect Director Jerome H. Grossman, M.D. --- For 1.5 Elect Director John S. Lillard --- For 1.6 Elect Director William U. Parfet --- For 1.7 Elect Director Ronda E. Stryker --- Withhold WITHHOLD votes from Ronda E. Stryker for standing as an affiliated outsider on the compensation and nominating committees and from Donald M. Engelman, Ph.D. for standing as affiliated outsiders on the nominating committee. 2 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 07/23/03 - A TENET HEALTHCARE CORP. *THC* 88033G100 06/02/03 92,714 1 Elect Directors For For Mgmt 2 Declassify the Board of Directors For For Mgmt 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSAL 4 Require Majority of Independent Against Against ShrHoldr Directors on Board
210 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ In this case, the board is sufficiently independent. 05/06/04 - A TENET HEALTHCARE CORP. *THC* 88033G100 03/11/04 220,766 1 Elect Directors For For Mgmt 1.1 Elect Director Trevor Fetter --- For 1.2 Elect Director Van B. Honeycutt --- For 1.3 Elect Director John C. Kane --- For 1.4 Elect Director Edward A. Kangas --- For 1.5 Elect Director J. Robert Kerrey --- For 1.6 Elect Director Richard R. Pettingill --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/12/04 - A UNITEDHEALTH GROUP 91324P102 03/15/04 292,619 INCORPORATED *UNH* 1 Elect Directors For Split Mgmt 1.1 Elect Director William C. Ballard, Jr. --- Withhold WITHHOLD votes from Richard T. Burke Jr. for standing as affiliated outsider on the Audit Committee and William C. Ballard, Jr. for standing as an affiliated outsider on the Audit and Nominating committees. 1.2 Elect Director Richard T.
211 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Burke --- For 1.3 Elect Director Stephen J. Hemsley --- For 1.4 Elect Director Donna E. Shalala --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Against Against ShrHoldr 4 Limit Awards to Executives Against Against ShrHoldr 05/17/04 - A WATSON PHARMACEUTICALS, INC. 942683103 03/19/04 52,799 *WPI* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Review Executive Compensation Against Against ShrHoldr 06/28/04 - S WELLPOINT HEALTH NETWORKS 94973H108 05/10/04 73,992 INC. *WLP* 1 Approve Merger Agreement For For Mgmt Based on the sensible strategic rationale, the significant market premium, the potential cost and revenue synergies to be derived from the proposed combination, the accretive nature of the deal, and the valuation work and marketing process of company's financial advisor, the
212 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ merger agreement warrants shareholder support. 04/22/04 - A WYETH *WYE* 983024100 03/12/04 619,204 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Drug Pricing Against Against ShrHoldr 4 Amend Animal Testing Policy Against Against ShrHoldr 07/22/03 - S ZIMMER HOLDINGS INC *ZMH* 98956P102 06/16/03 39,260 1 Issue Shares in Connection with For For Mgmt an Acquisition Based on the fairness opinion and the potential strategic synergies, the merger agreement warrants shareholder support. 05/10/04 - A ZIMMER HOLDINGS INC *ZMH* 98956P102 03/15/04 113,843 1 Elect Directors For For Mgmt 1.1 Elect Director Larry C. Glasscock --- For 1.2 Elect Director John L. McGoldrick --- For 2 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans
213 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 HEALTH CARE SELECT SECTOR SPDR FUND - J913
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 3 Ratify Auditors Against For ShrHoldr Shareholders should be given the right to a non-binding ratification of the independent auditor selected by the company's audit committee.
214 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 03/02/04 - A ADC TELECOMMUNICATIONS, INC. 000886101 01/07/04 464,870 *ADCT* 1 Elect Directors For For Mgmt 1.1 Elect Director Robert Annunziata --- For 1.2 Elect Director John J. Boyle III --- For 1.3 Elect Director Larry W. Wangberg --- For 1.4 Elect Director Robert E. Switz --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/28/04 - A ADOBE SYSTEMS INC. *ADBE* 00724F101 03/03/04 123,585 1 Elect Directors For For Mgmt 1.1 Elect Director Michael R. Cannon --- For 1.2 Elect Director Bruce R. Chizen --- For
215 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.3 Elect Director James E. Daley --- For 1.4 Elect Director Charles M. Geschke --- For 1.5 Elect Director Delbert W. Yocam --- For 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Expense Stock Options Against Against ShrHoldr 4 Adopt a Plocy that will Committ Against Against ShrHoldr Executives to Hold a Significant Percentage of their Shares 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/29/04 - A ADVANCED MICRO DEVICES, INC. 007903107 03/01/04 198,294 *AMD* 1 Elect Directors For For Mgmt 1.1 Elect Director W. J. Sanders III --- For 1.2 Elect Director Hector de J. Ruiz --- For 1.3 Elect Director W. Michael Barnes --- For 1.4 Elect Director Charles M. Blalack --- For 1.5 Elect Director R. Gene Brown --- For 1.6 Elect Director Bruce Claflin --- For 1.7 Elect Director H. Paulett
216 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Eberhart --- For 1.8 Elect Director Robert B. Palmer --- For 1.9 Elect Director Leonard M. Silverman --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 03/02/04 - A AGILENT TECHNOLOGIES INC. 00846U101 01/05/04 247,242 *A* 1 Elect Directors For For Mgmt 1.1 Elect Director James G. Cullen --- For 1.2 Elect Director Robert L. Joss --- For 1.3 Elect Director Walter B. Hewlett --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/22/04 - A ALLTEL CORP. *AT* 020039103 02/24/04 162,944 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
217 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 3 Ammend EEO - Sexual Orientation Against Against ShrHoldr 05/11/04 - A ALTERA CORP. *ALTR* 021441100 03/16/04 198,014 1 Elect Directors For For Mgmt 2 Amend Stock Option Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Approve Option Expensing Against Against ShrHoldr 03/09/04 - A ANALOG DEVICES, INC. *ADI* 032654105 01/16/04 190,150 1 Elect Directors For For Mgmt 1.1 Elect Director Jerald G. Fishman --- For 1.2 Elect Director F. Grant Saviers --- For 2 Increase Authorized Common Stock For For Mgmt The size of the increase (100%)
218 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ requested falls within guidelines. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 07/15/03 - S ANDREW CORP. *ANDW* 034425108 05/27/03 73,425 1 Issue Shares in Connection with For For Mgmt an Acquisition Based on the the fairness opinion, and the potential strategic synergies, the merger agreement warrants shareholder support. 2 Authorize New Class of Preferred For For Mgmt Stock Pursuant to the terms of the proposed merger with Allen Telecom Inc., the company would issue one share of its Series A preferred stock in exchange for each outstanding Allen Series D preferred share. The terms of the Series A preferred shares are intended to be substantially identical to Allen's Series D 7.75 percent convertible preferred stock (Series D preferred stock). The Series A preferred shares would have no voting rights and would accrue dividends at a rate per annum equal to 7.75 percent of the liquidation preference, or $3.875 per share annually. Additionally, the Series A preferred shares would be convertible into common stock at an initial conversion price of $4.338 per share.
219 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 3 Approve Increase in Size of Board For For Mgmt The requested increase appears to be appropriate for a company of this size, and there is no evidence suggesting that the proposal is an attempt to entrench current management 4 Adjourn Meeting For Against Mgmt In this case, shareholders already have enough information to make their vote decisions. Once their votes have been cast, there is no justification for spending more money to continue pressing shareholders for more votes. 02/10/04 - A ANDREW CORP. *ANDW* 034425108 12/12/03 98,813 1 Elect Directors For For Mgmt 1.1 Elect Director John G. Bollinger, Ph.D. --- For 1.2 Elect Director Philip Wm. Colburn --- For WITHHOLD votes from Philip Wm. Colburn for standing as an affiliated outsider on the Nominating Committee. 1.3 Elect Director Thomas A. Donahoe --- For 1.4 Elect Director Ralph E. Faison --- For 1.5 Elect Director Jere D. Fluno --- For 1.6 Elect Director William O. Hunt --- For
220 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.7 Elect Director Charles R. Nicholas --- For 1.8 Elect Director Robert G. Paul --- For 1.9 Elect Director Gerald A. Poch --- For 1.10 Elect Director Glen O. Toney, Ph.D. --- For 1.11 Elect Director Dennis L. Whipple --- For 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/22/04 - A APPLE COMPUTER, INC. *AAPL* 037833100 02/24/04 195,937 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr 03/24/04 - A APPLIED MATERIALS, INC. 038222105 01/30/04 885,417 *AMAT* 1 Elect Directors For For Mgmt
221 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.1 Elect Director Michael H. Armacost --- For 1.2 Elect Director Deborah A. Coleman --- For 1.3 Elect Director Herbert M. Dwight, Jr. --- For 1.4 Elect Director Philip V. Gerdine --- For 1.5 Elect Director Paul R. Low --- For 1.6 Elect Director Dan Maydan --- For 1.7 Elect Director Steven L. Miller --- For 1.8 Elect Director James C. Morgan --- For 1.9 Elect Director Gerhard H. Parker --- For 1.10 Elect Director Michael R. Splinter --- For 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 08/27/03 - A APPLIED MICRO CIRCUITS CORP. 03822W109 07/01/03 219,348 *AMCC* 1 Elect Directors For For Mgmt 1.1 Elect Director David M. Rickey --- For 1.2 Elect Director Roger A. Smullen, Sr. --- For 1.3 Elect Director Cesar Cesaratto --- For 1.4 Elect Director Franklin P.
222 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Johnson, Jr. --- For 1.5 Elect Director Kevin N. Kalkhoven --- For 1.6 Elect Director L. Wayne Price --- For 1.7 Elect Director Douglas C. Spreng --- For 1.8 Elect Director Arthur B. Stabenow --- For 1.9 Elect Director Harvey P. White --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/19/04 - A AT&T CORP. *T* 001957505 03/25/04 394,779 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Establish Term Limits for Against Against ShrHoldr Directors 5 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power
223 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 6 Separate Chairman and CEO Against Against ShrHoldr Positions 7 Report on Executive Compensation Against Against ShrHoldr 05/19/04 - A AT&T WIRELESS SERVICES, INC. 00209A106 03/22/04 1,358,005 *AWE* 1 Approve Merger Agreement For For Mgmt Based on the significant market premium, the valuation work done by the company's financial advisor, and the recent deterioration of the company's competitive position, the merger agreement warrants shareholder support. 2 Elect Directors For For Mgmt 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Limit Executive Compensation Against Against ShrHoldr 5 Prohibit Awards to Executives Against Against ShrHoldr 6 Require Affirmative Vote of a Against Against ShrHoldr Majority of the Shares to Elect Directors
224 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 06/17/04 - A AUTODESK, INC. *ADSK* 052769106 05/05/04 60,027 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Adopt Policy Regarding Against Against ShrHoldr Equity-Based Compensation for Executives 11/11/03 - A AUTOMATIC DATA PROCESSING, 053015103 09/12/03 326,925 INC. *ADP* 1 Elect Directors For For Mgmt 1.1 Elect Director Gregory D. Brenneman --- For 1.2 Elect Director Leslie A. Brun --- For 1.3 Elect Director Gary C. Butler --- For 1.4 Elect Director Joseph A. Califano, Jr. --- For 1.5 Elect Director Leon G. Cooperman --- For 1.6 Elect Director Ann Dibble Jordan --- For 1.7 Elect Director Harvey M. Krueger --- For 1.8 Elect Director Frederic V. Malek --- For 1.9 Elect Director Henry Taub --- For 1.10 Elect Director Arthur F. Weinbach --- For 1.11 Elect Director Josh S. Weston --- For
225 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 2 Amend Stock Option Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Approve Outside Director Stock For For Mgmt Awards in Lieu of Cash 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 02/26/04 - A AVAYA INC *AV* 053499109 12/31/03 278,382 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Limit Awards to Executives Against Against ShrHoldr
226 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 04/26/04 - A BELLSOUTH CORP. *BLS* 079860102 03/08/04 924,840 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors For For Mgmt 4 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Limit Executive Compensation Against Against ShrHoldr 6 Limit Executive Compensation Against Against ShrHoldr 7 Report on Political Against Against ShrHoldr Contributions/Activities 08/21/03 - A BMC SOFTWARE, INC. *BMC* 055921100 07/03/03 144,624 1 Elect Directors For For Mgmt 1.1 Elect Director B. Garland Cupp --- For 1.2 Elect Director Robert E. Beauchamp --- For 1.3 Elect Director Jon E. Barfield --- For 1.4 Elect Director John W. Barter --- For 1.5 Elect Director Meldon K. Gafner --- For 1.6 Elect Director L.W. Gray ---
227 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ For 1.7 Elect Director Kathleen A. O'Neil --- For 1.8 Elect Director George F. Raymond --- For 1.9 Elect Director Tom C. Tinsley --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/29/04 - A BROADCOM CORP. *BRCM* 111320107 03/05/04 160,003 1 Elect Directors For For Mgmt 1.1 Elect Director George L. Farinsky --- For 1.2 Elect Director John Major --- For 1.3 Elect Director Alan E. Ross --- For 1.4 Elect Director Henry Samueli, Ph.D. --- For 1.5 Elect Director Robert E. Switz --- For 1.6 Elect Director Werner F. Wolfen --- For 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans and the plan permits repricing. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
228 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/06/04 - A CENTURYTEL, INC. *CTL* 156700106 03/08/04 76,337 1 Elect Directors For For Mgmt 1.1 Elect Director William R. Boles, Jr. --- For 1.2 Elect Director W. Bruce Hanks --- For 1.3 Elect Director C.G. Melville, Jr. --- For 1.4 Elect Director Glen F. Post, III --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 03/10/04 - A CIENA CORPORATION *CIEN* 171779101 01/20/04 265,370 1 Elect Directors For For Mgmt 11/11/03 - A CISCO SYSTEMS, INC. *CSCO* 17275R102 09/12/03 3,836,467 1 Elect Directors For For Mgmt 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification
229 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ of the company's auditors. SHAREHOLDER PROPOSALS 4 Report on Company Products Used Against Against ShrHoldr by the Government to Monitor the Internet 5 Report on Pay Disparity Against Against ShrHoldr 05/18/04 - A CITIZENS COMMUNICATIONS CO. 17453B101 03/19/04 153,094 *CZN* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 05/13/04 - A CITRIX SYSTEMS, INC. *CTXS* 177376100 03/15/04 91,546 1 Elect Directors For For Mgmt 2 Expense Stock Options Against Against ShrHoldr 08/27/03 - A COMPUTER ASSOCIATES 204912109 07/02/03 348,330 INTERNATIONAL, INC. *CA* 1 Elect Directors For For Mgmt 1.1 Elect Director Russell M. Artzt --- For 1.2 Elect Director Kenneth Cron --- For 1.3 Elect Director Alfonse M.
230 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ D'Amato --- For 1.4 Elect Director Gary J. Fernandes --- For 1.5 Elect Director Sanjay Kumar --- For 1.6 Elect Director Robert E. La Blanc --- For 1.7 Elect Director Jay W. Lorsch --- For 1.8 Elect Director Lewis S. Ranieri --- For 1.9 Elect Director Walter P. Schuetze --- For 1.10 Elect Director Alex Serge Vieux --- For 2 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 08/11/03 - A COMPUTER SCIENCES 205363104 06/13/03 114,762 CORPORATION *CSC* 1 Elect Directors For For Mgmt 08/26/03 - A COMPUWARE CORP. *CPWR* 205638109 07/01/03 255,877 1 Elect Directors For Split Mgmt 1.1 Elect Director Dennis W. Archer --- For 1.2 Elect Director Gurminder S. Bedi --- For 1.3 Elect Director Elizabeth A. Chappell --- For
231 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.4 Elect Director Elaine K. Didier --- For 1.5 Elect Director William O. Grabe --- For 1.6 Elect Director William R. Halling --- For 1.7 Elect Director Peter Karmanos, Jr. --- For 1.8 Elect Director Faye Alexander Nelson --- For 1.9 Elect Director Glenda D. Price --- For 1.10 Elect Director W. James Prowse --- Withhold WITHHOLD votes for standing as an affiliated outsider on the Audit and Nominating/Governance committees. 1.11 Elect Director G. Scott Romney --- For 1.12 Elect Director Lowell P. Weicker, Jr. --- For 12/16/03 - A COMVERSE TECHNOLOGY, INC. 205862402 10/28/03 110,588 *CMVT* 1 Elect Directors For For Mgmt 1.1 Elect Director Kobi Alexander --- For 1.2 Elect Director Raz Alon --- For 1.3 Elect Director Itsik Danziger --- For 1.4 Elect Director John H. Friedman --- For 1.5 Elect Director Ron Hiram --- For 1.6 Elect Director Sam Oolie ---
232 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ For 1.7 Elect Director William F. Sorin --- For 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Approve Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 06/15/04 - A COMVERSE TECHNOLOGY, INC. 205862402 04/27/04 99,411 *CMVT* 1 Elect Directors For For Mgmt 1.1 Elect Director Kobi Alexander --- For 1.2 Elect Director Raz Alon --- For 1.3 Elect Director Itsik Danziger --- For 1.4 Elect Director John H. Friedman --- For 1.5 Elect Director Ron Hiram --- For
233 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.6 Elect Director Sam Oolie --- For 1.7 Elect Director William F. Sorin --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 18%, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 10/28/03 - S CONCORD EFS, INC. 206197105 09/08/03 265,986 1 Approve Merger Agreement For For Mgmt The combined company would have a dominant position in the debit card market and is expected to achieve annual synergies of $230 million by 2005. 02/26/04 - S CONCORD EFS, INC. 206197105 01/16/04 233,850 1 Approve Merger Agreement For For Mgmt Despite an adverse impact on shareholder rights for Concord shareholders, there is a strong strategic rationale for this deal. The
234 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ combined company would have a dominant position in the debit card market and is expected to achieve annual synergies of $205 million by 2006. With respect to the merger consideration, it represents a premium of 52.6 percent over the closing price of Concord's stock on the last trading day prior to the merger announcements in the media. Additionally, the increase in the company's stock price on news of the resolution of antitrust issues that were hindering the merger indicates strong shareholder support for the transaction. 04/27/04 - A CONVERGYS CORP. *CVG* 212485106 03/01/04 72,564 1 Elect Directors For For Mgmt 1.1 Elect Director Zoe Baird --- For 1.2 Elect Director Roger L. Howe --- For 1.3 Elect Director Philip A. Odeen --- For 1.4 Elect Director James M. Zimmerman --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Employee Stock For For Mgmt
235 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Purchase Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/29/04 - A CORNING INC. *GLW* 219350105 03/01/04 725,233 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 07/18/03 - A DELL INC. *DELL* 247025109 05/23/03 1,530,469 1 Elect Directors For For Mgmt 2 Declassify the Board of Directors For For Mgmt 3 Change Company Name For For Mgmt This proposal seeks shareholder support of a change in the company's name. In this case there is little danger that sales would suffer due to loss of name recognition and associated goodwill. Since it is
236 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ unlikely that adoption of this proposal will have a negative impact on the financial position of the company, this proposal can be supported. 4 Approve Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 07/31/03 - A ELECTRONIC ARTS, INC. *ERTS* 285512109 06/04/03 86,913 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
237 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/25/04 - A ELECTRONIC DATA SYSTEMS 285661104 03/29/04 242,567 CORP. *EDS* 1 Elect Directors For For Mgmt 1.1 Elect Director Roger A. Enrico --- For 1.2 Elect Director Ellen M. Hancock --- For 1.3 Elect Director C. Robert Kidder --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Amend Vote Requirements to Amend Against For ShrHoldr Articles/Bylaws/Charter Requiring more than a simple
238 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ majority may permit management to entrench itself by blocking amendments that are in shareholders' best interests. 05/05/04 - A EMC CORP. *EMC* 268648102 03/08/04 1,219,573 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Limit Executive Compensation Against Against ShrHoldr 10/28/03 - S FIRST DATA CORP. *FDC* 319963104 09/08/03 408,882 1 Approve Merger Agreement For For Mgmt
239 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ The deal has a strong strategic rationale: the combined company would have a dominant position in the debit card market and is expected to generate annual synergies of $230 million by 2005. The premium paid for Concord is still below Concord's valuation with synergies according to the advisors' opinion and the deal is expected to be accretive in 2005. 05/19/04 - A FIRST DATA CORP. *FDC* 319963104 03/22/04 442,549 1 Elect Directors For For Mgmt 1.1 Elect Director Henry C. Duques --- For 1.2 Elect Director Charles T. Fote --- For 1.3 Elect Director Richard P. Kiphart --- For 1.4 Elect Director Joan E. Spero --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/06/04 - A FISERV, INC. *FISV* 337738108 02/13/04 99,577 1 Elect Directors For For Mgmt 1.1 Elect Director K.R. Jensen --- For 1.2 Elect Director K.M. Robak --- For 1.3 Elect Director T.C. Wertheimer --- For
240 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 05/20/04 - A GATEWAY INC *GTW* 367626108 03/25/04 233,551 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Political Against Against ShrHoldr Contributions/Activities 4 Require a Majority Vote for the Against Against ShrHoldr Election of Directors 5 Board Diversity Against Against ShrHoldr 03/17/04 - A HEWLETT-PACKARD CO. *HPQ* 428236103 01/20/04 1,540,168 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due
241 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- to the total level of potential dilution under all plans. 4 Expense Stock Options Against Against ShrHoldr 05/19/04 - A INTEL CORP. *INTC* 458140100 03/22/04 3,217,082 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Expense Stock Options Against Against ShrHoldr 5 Limit/Prohibit Awards to Against For ShrHoldr Executives The company currently does not use performance-vesting awards in its compensation plans for senior executives. Although the proponent in its supporting statement is critical of fixed-price options, it does not appear that the proposal advocates replacement of options with performance-based restricted stock. The proposal requests the the company use performance-vesting stock in development of future equity awards for senior executives. 6 Performance- Based/Indexed Options Against For ShrHoldr
242 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- In this case, the company uses standard options for its long term compensation. It does not currently award or plans to award performance-based options. The proposal requests for a portion of future stock option grants to be performance-based to senior executives and is therefore not unduly restrictive. The company should be able to identify appropriate performance criteria and clearly disclose the associated performance goals or hurdle rates to the shareholders. This would provide further discipline and alignment in award of executive compensation to shareholders interest. 04/27/04 - A INTERNATIONAL BUSINESS 459200101 02/27/04 872,331 MACHINES CORP. *IBM* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Ratify Auditors for the Company's For For Mgmt Business Consulting Services Unit Routine proposal seeking ratification of the company's auditors. 4 Approve Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and
243 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- would ultimately reduce the company's corporate tax obligation. 5 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 6 Amend Pension and Retirement Against Against ShrHoldr Medical Insurance Plans 7 Submit Executive Compensation to Against Against ShrHoldr Vote 8 Expense Stock Options Against Against ShrHoldr 9 Limit Awards to Executives Against Against ShrHoldr 10 China Principles Against Against ShrHoldr 11 Report on Political Against Against ShrHoldr Contributions/Activities 12 Report on Executive Compensation Against Against ShrHoldr 10/30/03 - A INTUIT, INC. *INTU* 461202103 09/02/03 115,260 1 Elect Directors For For Mgmt 1.1 Elect Director Stephen M. Bennett --- For 1.2 Elect Director Christopher W. Brody --- For 1.3 Elect Director William V. Campbell --- For 1.4 Elect Director Scott D. Cook --- For 1.5 Elect Director L. John Doerr --- For
244 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 1.6 Elect Director Donna L. Dubinsky --- For 1.7 Elect Director Michael R. Hallman --- For 1.8 Elect Director Stratton D. Sclavos --- For 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 01/13/04 - A JABIL CIRCUIT, INC. *JBL* 466313103 11/14/03 109,530 1 Elect Directors For For Mgmt 1.1 Elect Director William D. Morean --- For 1.2 Elect Director Thomas A. Sansone --- For 1.3 Elect Director Timothy L. Main --- For 1.4 Elect Director Lawrence J. Murphy --- For 1.5 Elect Director Mel S. Lavitt --- For 1.6 Elect Director Steven A. Raymund --- For 1.7 Elect Director Frank A. Newman --- For 1.8 Elect Director Laurence S.
245 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Grafstein --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 11/06/03 - A JDS UNIPHASE CORP. *JDSU* 46612J101 09/15/03 840,629 1 Elect Directors For For Mgmt 1.1 Elect Director Robert E. Enos --- For 1.2 Elect Director Peter A. Guglielmi --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 11/05/03 - A KLA-TENCOR CORP. *KLAC* 482480100 09/15/03 108,128 1.a Elect Director H. Raymond For For Mgmt
246 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Bingham 1.b Elect Director Robert T. Bond For For Mgmt 1.c Elect Director Richard J. Elkus, For For Mgmt Jr. 1.d Elect Director Michael E. Marks For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/22/04 - A LEXMARK INTERNATIONAL, INC. 529771107 03/05/04 66,195 *LXK* 1 Elect Directors For For Mgmt 1.1 Elect Director Frank T. Cary --- For 1.2 Elect Director Paul J. Curlander --- For 1.3 Elect Director Martin D. Walker --- For 1.4 Elect Director James F. Hardymon --- For 2 Approve Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
247 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 11/05/03 - A LINEAR TECHNOLOGY CORP. 535678106 09/08/03 176,610 *LLTC* 1 Elect Directors For For Mgmt 1.1 Elect Director Robert H. Swanson, Jr. --- For 1.2 Elect Director David S. Lee --- For 1.3 Elect Director Leo T. McCarthy --- For 1.4 Elect Director Richard M. Moley --- For 1.5 Elect Director Thomas S. Volpe --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/06/04 - A LSI LOGIC CORP. *LSI* 502161102 03/11/04 212,404 1 Elect Directors For For Mgmt 1.1 Elect Director Wilfred J. Corrigan --- For 1.2 Elect Director James H. Keyes --- For 1.3 Elect Director Malcolm R. Currie --- For 1.4 Elect Director T.Z. Chu --- For 1.5 Elect Director R. Douglas Norby --- For 1.6 Elect Director Matthew J. O'Rourke --- For 1.7 Elect Director Gregorio Reyes --- For 1.8 Elect Director Larry W. Sonsini --- For
248 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 2 Amend Employee Stock Purchase Plan For Against Mgmt . Because there is no expiration date specified for this plan, we are unable to determine the total number of shares which will become available for future issuance and, as such, we are unable to determine if the number of shares being reserved is reasonable. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Approve/Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 02/18/04 - A LUCENT TECHNOLOGIES INC. 549463107 12/22/03 2,211,299 *LU* 1 Elect Directors For For Mgmt 2 Declassify the Board of Directors For For Mgmt and Amend
249 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Director Removal Provision 3 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan 4 Approve Reverse Stock Split For For Mgmt Since there will not be an effective increase in the common stock authorized due to the proportionate reduction, this proposal warrants shareholder support. SHAREHOLDER PROPOSALS 5 Submit Severance Agreement Against For ShrHoldr (Change-in-Control) to Shareholder Vote The ceiling set by the proponent at 2.99 times the sum of an executive's base salary and bonus is widely considered as the standard threshold level of severance remuneration for corporate executives. Moreover, as stated by the company, its current severance agreements are below the standard threshold level. As such, the adoption of the proposed policy would have minimum impact on the company currently but ensures good corporate governance for future employment contracts. 6 Prohibit Awards to Executives Against Against ShrHoldr
250 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 11/13/03 - A MAXIM INTEGRATED PRODUCTS, 57772K101 09/15/03 181,833 INC. *MXIM* 1 Elect Directors For For Mgmt 1.1 Elect Director James R. Bergman --- For 1.2 Elect Director John F. Gifford --- For 1.3 Elect Director B. Kipling Hagopian --- For 1.4 Elect Director M. D. Sampels --- For 1.5 Elect Director A. R. Frank Wazzan --- For 2 Amend Stock Option Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 12/10/03 - S MERCURY INTERACTIVE CORP. 589405109 10/31/03 49,128 *MERQ* 1 Amend Stock Option Plan For For Mgmt 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of
251 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 05/19/04 - A MERCURY INTERACTIVE CORP. 589405109 03/22/04 48,924 *MERQ* 1 Elect Directors For Split Mgmt 1.1 Elect Director Amnon Landan --- For 1.2 Elect Director Igal Kohavi --- For 1.3 Elect Director Clyde Ostler --- Withhold Clyde Ostler is an affiliated outsider on the audit and nominating committees. 1.4 Elect Director Yair Shamir --- For 1.5 Elect Director Giora Yaron --- For 1.6 Elect Director Anthony Zingale --- Withhold Anthony Zingale is an affiliated outsider on the compensation committee. 2 Increase Authorized Common Stock For Against Mgmt The number of additional authorized common shares sought in this proposal exceeds guidelines (133%). The company has not offered a specific purpose for the additional shares.
252 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 11/21/03 - A MICRON TECHNOLOGY, INC. *MU* 595112103 09/22/03 347,217 1 Elect Directors For For Mgmt 1.1 Elect Director Steven R. Appleton --- For 1.2 Elect Director James W. Bagley --- For 1.3 Elect Director Robert A. Lothrop --- For 1.4 Elect Director Thomas T. Nicholson --- For 1.5 Elect Director Gordon C. Smith --- For 1.6 Elect Director William P. Weber --- For 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Amend Stock Option Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
253 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 11/11/03 - A MICROSOFT CORP. *MSFT* 594918104 09/12/03 5,868,519 1 Elect Directors For Split Mgmt 1.1 Elect Director William H. Gates, III --- For 1.2 Elect Director Steven A. Ballmer --- For 1.3 Elect Director James I. Cash, Jr., Ph.D. --- For 1.4 Elect Director Raymond V. Gilmartin --- For 1.5 Elect Director Ann McLaughlin Korologos --- For 1.6 Elect Director David F. Marquardt --- For 1.7 Elect Director Charles H. Noski --- For 1.8 Elect Director Dr. Helmut Panke --- For 1.9 Elect Director Wm. G. Reed, Jr. --- For 1.10 Elect Director Jon A. Shirley --- Withhold WITHHOLD votes from Jon A. Shirley for standing as an affiliated outsider on the Audit Committee. 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Amend Non-Employee Director Stock For Against Mgmt Option Plan
254 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- The plan allows for NSO's to be granted at less than FMV. SHAREHOLDER PROPOSAL 4 Refrain from Giving Charitable Against Against ShrHoldr Contributions 10/24/03 - A MOLEX INCORPORATED *MOLX* 608554101 08/29/03 104,506 1 Elect Directors For For Mgmt 1.1 Elect Director Fred L. Krehbiel --- For 1.2 Elect Director Douglas K. Carnahan --- For 1.3 Elect Director J. Joseph King --- For 1.4 Elect Director Joe W. Laymon --- For 1.5 Elect Director Michelle L. Collins --- For 2 Amend Stock Option Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 05/03/04 - A MOTOROLA, INC. *MOT* 620076109 03/05/04 1,173,643 1 Elect Directors For For Mgmt 2 Limit Executive Compensation Against Against ShrHoldr 3 Limit Awards to Executives Against Against ShrHoldr
255 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 09/26/03 - A NATIONAL SEMICONDUCTOR CORP. 637640103 08/14/03 111,391 *NSM* 1 Elect Directors For Split Mgmt 1.1 Elect Director Brian L. Halla --- For We recommend a vote FOR the directors with the exception of Gary P. Arnold. We recommend that shareholders WITHHOLD votes from Gary P. Arnold for standing as an affiliated outsider on the Audit and Nominating Committees. 1.2 Elect Director Steven R. Appleton --- For 1.3 Elect Director Gary P. Arnold --- Withhold WITHHOLD votes from Gary P. Arnold for standing as an affiliated outsider on the Audit and Nominating Committees. 1.4 Elect Director Richard J. Danzig --- For 1.5 Elect Director Robert J. Frankenberg --- For 1.6 Elect Director E. Floyd Kvamme --- For 1.7 Elect Director Modesto A. Maidique --- For 1.8 Elect Director Edward R. Mccracken --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of
256 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 04/28/04 - A NCR CORPORATION *NCR* 62886E108 02/09/04 54,028 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 4 Prohibit Awards to Executives Against Against ShrHoldr 09/02/03 - A NETWORK APPLIANCE, INC. 64120L104 07/07/03 211,749 *NTAP* 1 Elect Directors For For Mgmt 1.1 Elect Director Daniel J. Warmenhoven --- For 1.2 Elect Director Donald T. Valentine --- For 1.3 Elect Director Sanjiv Ahuja --- For 1.4 Elect Director Carol A. Bartz --- For 1.5 Elect Director Michael R. Hallman --- For 1.6 Elect Director Nicholas G. Moore --- For 1.7 Elect Director Dr. Sachio Semmoto --- For
257 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 1.8 Elect Director Robert T. Wall --- For 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Other Business For Against Mgmt Details of other business items not disclosed 05/27/04 - A NEXTEL COMMUNICATIONS, INC. 65332V103 04/02/04 545,672 *NXTL* 1 Elect Directors For For Mgmt 1.1 Elect Director Keith J. Bane --- For 1.2 Elect Director V. Janet Hill --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Employee Stock Purchase Plan For For Mgmt
258 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 04/15/04 - A NOVELL, INC. *NOVL* 670006105 02/20/04 232,521 1 Elect Directors For For Mgmt 2 Expense Stock Options Against Against ShrHoldr 3 Performance-Based/Indexed Options Against For ShrHoldr SSGA supports Performance-Based/Indexed Options. 4 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 04/16/04 - A NOVELLUS SYSTEMS, INC. 670008101 02/17/04 83,210 *NVLS* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Provision of Non-Audit Services Against Against ShrHoldr by Independent Auditors 4 Limit Executive Compensation Against Against ShrHoldr
259 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 07/10/03 - A * NVIDIA CORPORATION *NVDA* 67066G104 05/15/03 106,483 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 10/13/03 - A ORACLE CORP. *ORCL* 68389X105 08/21/03 2,926,430 1 Elect Directors For For Mgmt 2 Approve Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Amend Non-Employee Director For Against Mgmt Omnibus Stock Plan The initiative cannot be supported due to the number of shares to be granted initially and annually to each non-employee director. SHAREHOLDER PROPOSAL 5 Implement China Principles Against Against ShrHoldr
260 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 03/03/04 - A PARAMETRIC TECHNOLOGY CORP. 699173100 01/09/04 189,141 *PMTC* 1 Elect Directors For For Mgmt 1.1 Elect Director Michael E. Porter --- For 1.2 Elect Director Noel G. Posternak --- For 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 10/02/03 - A PAYCHEX, INC. *PAYX* 704326107 08/04/03 211,776 1 Elect Directors For Split Mgmt 1.1 Elect Director B. Thomas Golisano --- For 1.2 Elect Director Betsy S. Atkins --- For 1.3 Elect Director G. Thomas Clark --- Withhold WITHHOLD votes from G.Thomas Clark for standing as an affiliated outsider on the Audit Committee. 1.4 Elect Director David J. S. Flaschen --- For 1.5 Elect Director Phillip Horsley --- For
261 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 1.6 Elect Director Grant M. Inman --- For 1.7 Elect Director J. Robert Sebo --- For 1.8 Elect Director Joseph M. Tucci --- For 03/25/04 - A PEOPLESOFT, INC. *PSFT* 712713106 02/10/04 201,568 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Against Against ShrHoldr 04/27/04 - A PERKINELMER INC. *PKI* 714046109 02/27/04 81,829 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Against Against ShrHoldr 05/14/04 - A PMC-SIERRA, INC. *PMCS* 69344F106 03/15/04 110,087 1 Elect Directors For Split Mgmt 1.1 Elect Director Robert Bailey --- For 1.2 Elect Director Alexandre Balkanski --- For 1.3 Elect Director Richard Belluzzo --- For 1.4 Elect Director James Diller --- Withhold
262 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- WITHHOLD votes from James Diller for standing as an affiliated outsider on the Compensation and Nominating committees. 1.5 Elect Director Jonathan Judge --- For 1.6 Elect Director William Kurtz --- For 1.7 Elect Director Frank Marshall --- For 1.8 Elect Director Lewis Wilks --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 08/26/03 - A QLOGIC CORP. *QLGC* 747277101 07/01/03 58,841 1 Elect Directors For For Mgmt 1.1 Elect Director H.K. Desai --- For 1.2 Elect Director Larry R. Carter --- For 1.3 Elect Director James R. Fiebiger --- For 1.4 Elect Director Balakrishnan S. Iyer --- For 1.5 Elect Director Carol L. Miltner --- For 1.6 Elect Director George D. Wells --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization,
263 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 03/02/04 - A QUALCOMM INC. *QCOM* 747525103 01/02/04 406,905 1 Elect Directors For Split Mgmt 1.1 Elect Director Adelia A. Coffman --- Withhold WITHHOLD votes from Adelia A. Coffman for standing as an affiliated outsider on the Audit and Compensation committees. 1.2 Elect Director Raymond V. Dittamore --- For 1.3 Elect Director Irwin Mark Jacobs --- For 1.4 Elect Director Richard Sulpizio --- For 2 Amend Stock Option Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the
264 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 12/16/03 - A QWEST COMMUNICATIONS 749121109 10/27/03 905,155 INTERNATIONAL INC. *Q* 1 Elect Directors For For Mgmt 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. SHAREHOLDER PROPOSALS 3 Exclude Pension Credits from Net For For ShrHoldr Income When Determining Executive Compensation 4 Declassify the Board of Directors For For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 5 Submit Severance For For ShrHoldr
265 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Agreement (Change-in-Control) to Shareholder Vote 6 Require Majority of Independent Against For ShrHoldr Directors on Board An independent board is one way to assure that shareholder interests will be adequately represented by a board that is independent of management and that does not have an interest in the company that differs from the interests of other shareholders. Moreover, this company has affiliated outsiders on its compensation and nominating committees. 7 Performance- Based/Indexed Options Against Against ShrHoldr Given that this proposal is too restrictive, shareholder support is not warranted at this time. 8 Performance- Based/Indexed Options Against For ShrHoldr Given that this proposal does not specify a fixed percentage of options to be awarded as performance-based compensation, it does not place undue restrictions on the company's compensation committee. 9 Expense Stock Options Against Against ShrHoldr 05/25/04 - A QWEST COMMUNICATIONS 749121109 03/26/04 891,834 INTERNATIONAL INC. *Q* 1 Elect Directors For For Mgmt 1.1 Elect Director Thomas J.
266 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Donohue --- For 1.2 Elect Director Peter S. Hellman --- For 1.3 Elect Director Vinod Khosla --- For 1.4 Elect Director K. Dane Brooksher --- For 2 Declassify the Board of Directors For For Mgmt 3 Separate Chairman and CEO Against Against ShrHoldr Positions 4 Submit Executive Pension Benefit Against Against ShrHoldr to Vote 5 Require Majority of Independent Against For ShrHoldr Directors on Board SSGA supports this proposal. 05/04/04 - A SABRE HOLDINGS CORPORATION 785905100 03/15/04 71,369 *TSG* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation.
267 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 01/26/04 - A SANMINA-SCI CORP. *SANM* 800907107 12/01/03 293,243 1 Elect Directors For For Mgmt 1.1 Elect Director John C. Bolger --- For 1.2 Elect Director Neil R. Bonke --- For 1.3 Elect Director Randy W. Furr --- For 1.4 Elect Director Mario M. Rosati --- For 1.5 Elect Director A. Eugene Sapp, Jr. --- For 1.6 Elect Director Wayne Shortridge --- For 1.7 Elect Director Peter J. Simone --- For 1.8 Elect Director Jure Sola --- For 1.9 Elect Director Bernard V Vonderschmitt --- For 1.10 Elect Director Jacqueline M. Ward --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/30/04 - A SBC COMMUNICATIONS INC. 78387G103 03/02/04 1,278,407 *SBC* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Bylaws For For Mgmt 4 Report on Political Against Against ShrHoldr Contributions/Activities
268 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 5 Change Size of Board of Directors Against Against ShrHoldr 11/07/03 - A SCIENTIFIC-ATLANTA, INC. 808655104 09/15/03 93,177 *SFA* 1 Elect Directors For Split Mgmt 1.1 Elect Director Marion H. Antonini --- For 1.2 Elect Director David J. McLaughlin --- For 1.3 Elect Director James V. Napier --- Withhold WITHHOLD votes from James V. Napier for standing as an affiliated outsider on the Audit and Governance & Nominations Committee. 1.4 Elect Director Sam Nunn --- For 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 1,661,403 1 Elect Directors For For Mgmt 2 Approve Conversion to Series of For For Mgmt Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to the fund and its shareholders. Most of
269 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment. 06/23/04 - A SIEBEL SYSTEMS, INC. *SEBL* 826170102 04/29/04 241,355 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Abstain Against ShrHoldr 01/07/04 - A SOLECTRON CORP. *SLR* 834182107 11/18/03 465,749 1 Elect Directors For For Mgmt 2 Approve Option Exchange Program For Against Mgmt SSGA does not support proposals that seek to exchange options. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
270 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 04/20/04 - A SPRINT CORP. *FON* 852061100 02/20/04 474,022 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Performance- Based/Indexed Options Against Against ShrHoldr SSGA supports performanced-based compensation. 4 Limit Executive Compensation Against Against ShrHoldr 5 Separate Chairman and CEO Against Against ShrHoldr Positions 6 Report on Foreign Outsourcing Against Against ShrHoldr 04/20/04 - A SPRINT CORP. *FON* 852061506 02/20/04 563,268 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Performance- Based/Indexed Options Against Against ShrHoldr SSGA supports performanced-based compensation. 4 Limit Executive Compensation Against Against ShrHoldr 5 Separate Chairman and CEO Against Against ShrHoldr Positions 6 Report on Foreign Outsourcing Against Against ShrHoldr
271 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 11/13/03 - A SUN MICROSYSTEMS, INC. 866810104 09/15/03 1,812,792 *SUNW* 1 Elect Directors For For Mgmt 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSAL 4 Implement China Principles Against Against ShrHoldr 05/14/04 - A SUNGARD DATA SYSTEMS INC. 867363103 03/15/04 148,666 *SDS* 1 Elect Directors For Split Mgmt 1.1 Elect Director Gregory S. Bentley --- Withhold WITHHOLD votes from Gregory S. Bentley for standing as an affiliated outsider on the Audit Committee. 1.2 Elect Director Michael C. Brooks --- For 1.3 Elect Director Cristobal Conde --- For 1.4 Elect Director Ramon de Oliveira --- For 1.5 Elect Director Henry C.
272 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Duques --- For 1.6 Elect Director Albert A. Eisenstat --- For 1.7 Elect Director Bernard Goldstein --- For 1.8 Elect Director Janet Brutschea Haugen --- For 1.9 Elect Director James L. Mann --- For 1.10 Elect Director Malcolm I. Ruddock --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 08/21/03 - A SYMANTEC CORP. *SYMC* 871503108 07/08/03 85,984 1 Elect Directors For For Mgmt 1.1 Elect Director Tania Amochaev --- For 1.2 Elect Director William Coleman --- For 1.3 Elect Director Dr. Per-Kristian Halvorsen --- For 1.4 Elect Director David Mahoney --- For 1.5 Elect Director Robert S. Miller --- For 1.6 Elect Director Bill Owens --- For 1.7 Elect Director George Reyes --- For 1.8 Elect Director Daniel H. Schulman --- For 1.9 Elect Director John W. Thompson --- For
273 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 2 Increase Authorized Common Stock For Against Mgmt The number of additional authorized common shares sought in this proposal exceeds guidelines (200%). 3 Amend Stock Option Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Approve Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/26/04 - A SYMBOL TECHNOLOGIES, INC. 871508107 03/01/04 134,032 *SBL* 1 Elect Directors For For Mgmt 1.1 Elect Director William R. Nuti --- For 1.2 Elect Director Robert J. Chrenc --- For 1.3 Elect Director Salvatore Iannuzzi --- For 1.4 Elect Director Edward Kozel --- For 1.5 Elect Director George Samenuk --- For 1.6 Elect Director Melvin A.
274 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Yellin --- For 2 Amend Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 09/25/03 - A TEKTRONIX, INC. *TEK* 879131100 07/21/03 56,426 1 Elect Directors For For Mgmt SHAREHOLDER PROPOSAL 2 Refrain from Doing Business in Against Against ShrHoldr China 04/22/04 - A TELLABS, INC. *TLAB* 879664100 02/23/04 232,689 1 Elect Directors For For Mgmt 1.1 Elect Director Michael J. Birck --- For 1.2 Elect Director Frederick A. Krehbiel --- For 1.3 Elect Director Krish A. Prabhu --- For 2 Approve Omnibus Stock For Against Mgmt
275 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Plan The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/27/04 - A TERADYNE, INC. *TER* 880770102 04/05/04 97,401 1 Elect Directors For For Mgmt 1.1 Elect Director John P. Mulroney --- For 1.2 Elect Director Patricia S. Wolpert --- For 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/15/04 - A TEXAS INSTRUMENTS INC. *TXN* 882508104 02/17/04 897,836 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
276 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 3 Expense Stock Options Against Against ShrHoldr 05/18/04 - A THERMO ELECTRON CORP. *TMO* 883556102 03/26/04 87,942 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Awards to Executives Against Against ShrHoldr 04/22/04 - A UNISYS CORP. *UIS* 909214108 02/27/04 180,807 1 Elect Directors For For Mgmt 04/28/04 - A VERIZON COMMUNICATIONS *VZ* 92343V104 03/01/04 1,400,274 1 Elect Directors For Split Mgmt 1.1 Elect Director James R. Barker --- For 1.2 Elect Director Richard L. Carrion --- For 1.3 Elect Director Robert W. Lane --- For 1.4 Elect Director Sandra O. Moose --- Withhold Sandra O. Moose is an affiliated outsider on the audit and nominating committees. 1.5 Elect Director Joseph Neubauer --- For 1.6 Elect Director Thomas H. O'Brien --- For 1.7 Elect Director Hugh B.
277 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Price --- For 1.8 Elect Director Ivan G. Seidenberg --- For 1.9 Elect Director Walter V. Shipley --- For 1.10 Elect Director John R. Stafford --- For 1.11 Elect Director Robert D. Storey --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Restore or Provide for Cumulative Against Against ShrHoldr Voting Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 4 Require Majority of Independent Against Against ShrHoldr Directors on Board Because the company already has a majority independent board and has already established a formal independence policy, this proposal does not warrant shareholder support. 5 Separate Chairman and CEO Against Against ShrHoldr Positions 6 Submit Shareholder Rights Plan Against Against ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be
278 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- allowed to make their own evaluation of such plans. 7 Submit Executive Compensation to Against Against ShrHoldr Vote 8 Prohibit Awards to Executives Against Against ShrHoldr 9 Report on Stock Option Against Against ShrHoldr Distribution by Race and Gender 10 Report on Political Against Against ShrHoldr Contributions/Activities 11 Cease Charitable Contributions Against Against ShrHoldr 05/04/04 - A WATERS CORP. *WAT* 941848103 03/15/04 66,489 1 Elect Directors For Split Mgmt 1.1 Elect Director Joshua Bekenstein --- For 1.2 Elect Director M.J. Berendt, Ph.D. --- For 1.3 Elect Director Douglas A. Berthiaume --- For 1.4 Elect Director Philip Caldwell --- For 1.5 Elect Director Edward Conard --- Withhold WITHHOLD votes from Thomas P. Salice for standing as an affiliated outsider on the Audit, Compensation, and Nominating committees. WITHHOLD votes from Edwarrd Conard for standing as an affiliated outsider on the Compensation Committee. 1.6 Elect Director L.H.
279 \ VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Glimcher, M.D. --- For 1.7 Elect Director William J. Miller --- For 1.8 Elect Director Thomas P. Salice --- Withhold 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Other Business For Against Mgmt Details of other business items not disclosed 05/20/04 - A XEROX CORP. *XRX* 984121103 03/23/04 407,712 1 Elect Directors For For Mgmt 1.1 Elect Director Glenn A. Britt --- For 1.2 Elect Director Richard J. Harrington --- For 1.3 Elect Director William Curt Hunter --- For 1.4 Elect Director Vernon E. Jordan, Jr. --- For The amounts in question appear de minimus in this case and likewise Mr. Jordan's affiliation. Since our policy currently does not limit how many boards an individual may serve which would otherwise cause us to take this into account we see no reason not to support Mr. Jordan. SSgA policy currently recommends voting against Mr. Jordan. Based on the analysis above we have identified investment reasons for overriding policy.
280 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 1.5 Elect Director Hilmar Kopper --- For 1.6 Elect Director Ralph S. Larsen --- For 1.7 Elect Director Anne M. Mulcahy --- For 1.8 Elect Director N.J. Nicholas, Jr. --- For 1.9 Elect Director John E. Pepper --- For 1.10 Elect Director Ann N. Reese --- For 1.11 Elect Director Stephen Robert --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan 08/07/03 - A XILINX, INC. *XLNX* 983919101 06/09/03 203,215 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
281 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 05/21/04 - A YAHOO!, INC. *YHOO* 984332106 03/25/04 335,477 1 Elect Directors For Split Mgmt 1.1 Elect Director Terry S. Semel --- For 1.2 Elect Director Jerry Yang --- For 1.3 Elect Director Roy J. Bostock --- For 1.4 Elect Director Ronald W. Burkle --- For 1.5 Elect Director Eric Hippeau --- Withhold Eric Hippeau is a former director of Global crossing, SSGA is WITHHOLDING votes from this director. 1.6 Elect Director Arthur H. Kern --- For 1.7 Elect Director Robert A. Kotick --- For 1.8 Elect Director Edward R. Kozel --- For 1.9 Elect Director Gary L. Wilson --- For 2 Amend Employee Stock Purchase Plan For For Mgmt The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification
282 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- of the company's auditors. 4 Expense Stock Options Against Against ShrHoldr
283 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 05/11/04 - A 3M CO *MMM* 88579Y101 03/12/04 438,984 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 4 Separate Chairman and CEO Against Against ShrHoldr Positions 12/18/03 - S ALLIED WASTE INDUSTRIES, 019589308 11/03/03 175,240 INC. *AW* 1 Approve Conversion of Securities For For Mgmt Although this exchange will be dilutive to the ownership interest of the common shareholders and the conversion price underlying the exchange is at a slight discount to the company's closing stock price on the day before the announcement of the exchange, the economic benefits of the transaction outweigh the costs. Moreover, the company established a special committee of disinterested directors to control all negotiations and to circumvent any conflict of interests.
284 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 05/21/04 - A ALLIED WASTE INDUSTRIES, 019589308 03/31/04 258,887 INC. *AW* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Expense Stock Options Against Against ShrHoldr 4 Report on Privatization Against Against ShrHoldr 06/10/04 - A AMERICAN POWER CONVERSION 029066107 04/14/04 112,416 CORP. *APCC* 1 Fix Number of Directors For For Mgmt 2 Elect Directors For Split Mgmt 2.1 Elect Director Rodger B. Dowdell, Jr. --- For 2.2 Elect Director Emanuel E. Landsman --- For 2.3 Elect Director Neil E. Rasmussen --- For 2.4 Elect Director Ervin F. Lyon --- Withhold WITHHOLD votes from Ervin F. Lyon for standing as an affiliated outsider on the Audit, Compensation and Nominating committees. 2.5 Elect Director James D. Gerson --- For 2.6 Elect Director John G. Kassakian --- For 2.7 Elect Director John F. Keane, Sr. --- For 2.8 Elect Director Ellen B. Richstone --- For 3 Approve Omnibus Stock For For Mgmt
285 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- Plan The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans is within the allowable cap of 15%, and the reasonable terms of the plan. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/04/04 - A AMERICAN STANDARD 029712106 03/10/04 49,294 COMPANIES, INC. *ASD* 1 Elect Directors For For Mgmt 1.1 Elect Director Steven E. Anderson --- For 1.2 Elect Director James F. Hardymon --- For \ 1.3 Elect Director Ruth Ann Marshall --- For 2 Increase Authorized Common Stock For Against Mgmt The number of additional authorized common shares sought in this proposal exceeds guidelines (180%). The company has not offered a specific purpose for the additional shares. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
286 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 04/22/04 - A AVERY DENNISON CORP. *AVY* 053611109 02/23/04 73,297 1 Elect Directors For For Mgmt 1.1 Elect Directors Philip M. Neal --- For 1.2 Elect Directors Frank V. Cahouet --- For 1.3 Elect Directors Peter W. Mullin --- For 1.4 Elect Directors Bruce E. Karatz --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Amend Executive Incentive Bonus For For Mgmt Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 04/21/04 - A BURLINGTON NORTHERN SANTA 12189T104 02/27/04 224,321 FE CORP. *BNI* 1 Elect Directors For Split Mgmt
287 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Alan L. Boeckmann --- For 1.2 Elect Director Vilma S. Martinez --- Withhold WITHHOLD votes from Marc F. Racicot and Vilma S. Martinez for standing as affiliated outsiders on the Directors and Corporate Governance Committee, which serves as the nominating committee. 1.3 Elect Director Marc F. Racicot --- Withhold WITHHOLD votes from Marc F. Racicot and Vilma S. Martinez for standing as affiliated outsiders on the Directors and Corporate Governance Committee, which serves as the nominating committee. 1.4 Elect Director Roy S. Roberts --- For 1.5 Elect Director Matthew K. Rose --- For 1.6 Elect Director Marc J. Shapiro --- For 1.7 Elect Director J.C. Watts, Jr. --- For 1.8 Elect Director Robert H. West --- For 1.9 Elect Director J. Steven Whisler --- For 1.10 Elect Director Edward E. Whitacre, Jr. --- For 1.11 Elect Director Michael B. Yanney --- For 2 Amend Omnibus Stock Plan For For Mgmt
288 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/14/04 - A CATERPILLAR INC. *CAT* 149123101 02/17/04 198,600 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Report on Equipment Sales to Against Against ShrHoldr Israel
289 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ----------------------------------------------------------------------------------------------------------------------------------- 6 Report on Operational Imact of Against Against ShrHoldr HIV/AIDS, TB, and Malaria Pandemic 04/20/04 - A CENDANT CORPORATION *CD* 151313103 02/23/04 580,064 1 Elect Directors For For Mgmt 2 Declassify the Board of For For Mgmt Directors 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSALS 4 Separate Chairman and CEO Against Against ShrHoldr Positions 5 Limit Executive Compensation Against Against ShrHoldr 10/14/03 - A CINTAS CORP. *CTAS* 172908105 08/18/03 138,609 1 Fix Number of Directors For For Mgmt 2 Elect Directors For Split Mgmt 2.1 Elect Director Richard T. Farmer --- Withhold WITHHOLD votes from Richard T. Farmer for standing as an insider on the Nominating Committee, Roger L. Howe for standing as an affiliated outsider on the Audit Committee, Compensation, and Nominating Committees, David C. Phillips for standing as an affiliated outsider on the Nominating Committee, and Audit Committee members Roger L.
290 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Howe, Robert J. Herbold, Gerald V. Dirvin, and Paul R. Carter for paying excessive non-audit fees. 2.2 Elect Director Robert J. Kohlhepp --- For 2.3 Elect Director Scott D. Farmer --- For 2.4 Elect Director Paul R. Carter --- Withhold 2.5 Elect Director Gerald V. Dirvin --- Withhold 2.6 Elect Director Robert J. Herbold --- Withhold 2.7 Elect Director Roger L. Howe --- Withhold 2.8 Elect Director David C. Phillips --- Withhold 3 Approve Non-Employee Director For For Mgmt Stock Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. SHAREHOLDER PROPOSALS 4 Expense Stock Options Against Against ShrHoldr 5 Establish a Nominating Against For ShrHoldr Committee of Independent Directors An independent nominating committee is one way to assure that
291 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- shareholder interests will be adequately represented by a board that is independent of management and that does not have an interest in the company that differs from the interests of other shareholders. 6 Require Majority of Independent Against For ShrHoldr Directors on Board An independent board is one way to assure that shareholder interests will be adequately represented by a board that is independent of management and that does not have an interest in the company that differs from the interests of other shareholders. 7 Report on Code of Conduct Against Against ShrHoldr 04/27/04 - A COOPER INDUSTRIES LTD G24182100 03/01/04 67,273 *CBE* MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt 3 APPROVE THE AMENDED AND For For Mgmt RESTATED STOCK INCENTIVE PLAN. The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans and other favorable terms of the
292 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- plan. A vote in favor of this proposal is recommended. 4 SHAREHOLDER PROPOSAL RELATING Against Against ShrHoldr TO SOCIAL AND ENVIRONMENTAL ISSUES RELATED TO SUSTAINABILITY. 5 SHAREHOLDER PROPOSAL RELATING Against Against ShrHoldr TO EXECUTIVE EQUITY COMPENSATION PLANS. 04/26/04 - A CRANE CO. *CR* 224399105 02/27/04 63,994 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to total level of potential dilution under all plans. 4 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Implement MacBride Against Against ShrHoldr
293 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Principles 05/05/04 - A CSX CORP. *CSX* 126408103 03/05/04 140,704 1 Elect Directors For Split Mgmt 1.1 Elect Director E.E. Bailey --- For 1.2 Elect Director R.L. Burrus, Jr. --- For 1.3 Elect Director E.J. Kelly, III --- For 1.4 Elect Director R.D. Kunisch --- For 1.5 Elect Director S.J. Morcott --- For 1.6 Elect Director D.M. Ratcliffe --- Withhold D.M. Ratcliffe is an affiliated outsider on the nominating committee. 1.7 Elect Director C.E. Rice --- For 1.8 Elect Director W.C. Richardson --- For 1.9 Elect Director F.S. Royal, M.D. --- For 1.10 Elect Director D.J. Shepard --- For 1.11 Elect Director M.J. Ward --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr
294 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Limit Awards to Executives Against Against ShrHoldr 09/16/03 - A CUMMINS , INC. *CMI* 231021106 08/06/03 49,363 1 Elect Directors For For Mgmt 1.1 Elect Director Robert J. Darnall --- For 1.2 Elect Director John M. Deutch --- For 1.3 Elect Director Walter Y. Elisha --- For 1.4 Elect Director Alexis M. Herman --- For 1.5 Elect Director William I. Miller --- For 1.6 Elect Director William D. Ruckelshaus --- For 1.7 Elect Director Theodore M. Solso --- For 1.8 Elect Director Franklin A. Thomas --- For 1.9 Elect Director J. Lawrence Wilson --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's
295 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/06/04 - A CUMMINS , INC. *CMI* 231021106 02/16/04 41,994 1 Elect Directors For For Mgmt 1.1 Elect Director Robert J. Darnall --- For 1.2 Elect Director John M. Deutch --- For Mr. Deutch is an affiliated outside director because he provides consulting services to Cummins, Inc. Mr. Deutch is a member of the nominating committee serving as an affiliated outside director. 1.3 Elect Director Alexis M. Herman --- For 1.4 Elect Director William I. Miller --- For 1.5 Elect Director William D. Ruckelshaus --- For 1.6 Elect Director Theodore M. Solso --- For 1.7 Elect Director J. Lawrence Wilson --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking
296 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- ratification of the company's auditors. 05/04/04 - A DANAHER CORP. *DHR* 235851102 03/10/04 94,075 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Stock Option Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Develop Charter Language on Against Against ShrHoldr Board Diversity 02/25/04 - A DEERE & CO. *DE* 244199105 12/31/03 138,295 1 Elect Directors For For Mgmt 04/23/04 - A DELTA AIR LINES, INC. 247361108 03/01/04 115,755 *DAL* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
297 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 3 Restore or Provide for Against Against ShrHoldr Cumulative Voting Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 4 Limit Awards to Executives Against Against ShrHoldr 5 Submit Executive Pension Against Against ShrHoldr Benefit To Vote 6 Limit Executive Compensation Against Against ShrHoldr 05/04/04 - A DELUXE CORP. *DLX* 248019101 03/08/04 41,892 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the
298 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- plan. 5 Limit Executive Compensation Against Against ShrHoldr 04/20/04 - A DOVER CORP. *DOV* 260003108 02/27/04 131,835 1 Elect Directors For Split Mgmt 1.1 Elect Director David H. Benson --- For 1.2 Elect Director Jean-Pierre M. Ergas --- For 1.3 Elect Director Kristiane C. Graham --- For 1.4 Elect Director Ronald L. Hoffman --- For 1.5 Elect Director James L. Koley --- For 1.6 Elect Director Richard K. Lochridge --- For 1.7 Elect Director Thomas L. Reece --- For 1.8 Elect Director Bernard G. Rethore --- For 1.9 Elect Director Gary L. Roubos --- Withhold WITHHOLD votes from Gary L. Roubos for standing as an affiliated outsider on the Audit Committee and Gary L. Roubos for standing as an affiliated outsider on the Nominating Committee. 1.10 Elect Director Michael B. Stubbs --- For 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported
299 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- due to the total level of potential dilution under all plans. 3 Other Business For Against Mgmt Details of other business items not disclosed 04/28/04 - A EATON CORP. *ETN* 278058102 03/01/04 99,970 1 Elect Directors For For Mgmt 1.1 Elect Director Michael J. Critelli --- For 1.2 Elect Director Ernie Green --- For 1.3 Elect Director Kiran M. Patel --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 02/03/04 - A EMERSON ELECTRIC CO. *EMR* 291011104 11/24/03 245,694 1 Elect Directors For For Mgmt 1.1 Elect Director C. Fernandez G. --- For 1.2 Elect Director C.F.
300 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Knight --- For 1.3 Elect Director G.A. Lodge --- For 1.4 Elect Director R.L. Ridgway --- For 1.5 Elect Director E.E. Whitacre, Jr. --- For 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/28/04 - A EQUIFAX INC. *EFX* 294429105 02/18/04 101,833 1 Elect Directors For For Mgmt 09/29/03 - A FEDEX CORPORATION *FDX* 31428X106 08/04/03 206,375 1 Elect Directors For For Mgmt 1.1 Elect Director August A. Busch IV --- For 1.2 Elect Director John A. Edwardson --- For 1.3 Elect Director George J. Mitchell --- For 1.4 Elect Director Joshua I. Smith --- For 2 Approve Omnibus Stock For For Mgmt
301 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Plan The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSAL 4 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 04/28/04 - A FLUOR CORP. *FLR* 343412102 03/03/04 64,211 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Non-Employee Director For For Mgmt Restricted Stock Plan
302 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 05/05/04 - A GENERAL DYNAMICS CORP. 369550108 03/12/04 117,405 *GD* 1 Elect Directors For Split Mgmt 1.1 Elect Director Nicholas D. Chabraja --- For 1.2 Elect Director James S. Crown --- Withhold James S. Crown is and affiliated director on all key committees. 1.3 Elect Director Lester Crown --- For 1.4 Elect Director William P. Fricks --- For 1.5 Elect Director Charles H. Goodman --- Withhold Charles H. Goodman is an affiliated director on the compensation committee. 1.6 Elect Director Jay L. Johnson --- For 1.7 Elect Director George A. Joulwan --- For 1.8 Elect Director Paul G. Kaminski --- Withhold Paul G. Kaminski is an affiliated outsider on the compensation committee. 1.9 Elect Director John M. Keane --- For 1.10 Elect Director Lester L. Lyles --- For 1.11 Elect Director Carl E. Mundy, Jr. --- For 1.12 Elect Director Robert
303 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Walmsley --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 4 Report on Foreign Military Sales Against Against ShrHoldr 04/28/04 - A GENERAL ELECTRIC CO. *GE* 369604103 03/01/04 3,999,953 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt We support the addition of revenue growth rate to the pool of performance measures applicable to long-term performance awards. We also applaud the company's decision
304 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- to shift a substantial portion of its executive grants to restricted stock units and performance based awards. Such practice should reduce dilution and provide effective incentives for superior performers who remain with the company during periods of stock market fluctuations in which stock options may have no realizable value. In addition, restricted stock units and long-term performance awards more closely align executives' interests with investors' long term interests as these awards are paid out only to executives who remain with the company for extended periods. 4 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 5 Eliminate Animal Testing Against Against ShrHoldr 6 Report on Nuclear Fuel Storage Against Against ShrHoldr Risks 7 Report on PCB Clean-up Against Against ShrHoldr 8 Report on Foreign Outsourcing Against Against ShrHoldr 9 Prepare Sustainability Report Against Against ShrHoldr 10 Limit Composition of Management Against Against ShrHoldr Development and Compensation Committee to Independent Directors
305 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Given that: (1) the company already has a policy in place requiring that all key board committee members be independent and (2) the company's Management Development and Compensation Committee is currently fully independent, this item does not warrant support. 11 Report on Pay Disparity Against Against ShrHoldr 12 Limit Awards to Executives Against Against ShrHoldr 13 Limit Board Service for Other Against Against ShrHoldr Companies 14 Separate Chairman and CEO Against Against ShrHoldr Positions 15 Hire Advisor/Maximize Against Against ShrHoldr Shareholder Value 16 Adopt a Retention Ratio for Against Against ShrHoldr Executives and Directors 17 Require 70% to 80% Independent Against Against ShrHoldr Board Given that: (1) the board is 73.3 percent independent, (2) the company already has a policy in place providing for a two-thirds independent board, with a minimum of ten independent directors at all times, and (3) the company has voluntarily adopted additional, stricter independence tests with respect to a director's affiliation with non-profit organizations funded by the GE and companies receiving loans from GE, the company has taken sufficient steps to ensure the maintenance of a supermajority
306 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- independent board. As such, this item does not warrant shareholder support. 18 Report on Political Against Against ShrHoldr Contributions/Activities 04/27/04 - A GOODRICH CORPORATION *GR* 382388106 03/08/04 99,061 1 Elect Directors For For Mgmt 1.1 Elect Director Diane C. Creel --- For 1.2 Elect Director George A. Davidson, Jr. --- For 1.3 Elect Director Harris E. DeLoach, Jr. --- For 1.4 Elect Director James J. Glasser --- For 1.5 Elect Director James W. Griffith --- For 1.6 Elect Director William R. Holland --- For 1.7 Elect Director Marshall O. Larsen --- For 1.8 Elect Director Douglas E. Olesen --- For 1.9 Elect Director Alfred M. Rankin, Jr. --- For 1.10 Elect Director James R. Wilson --- For 1.11 Elect Director A. Thomas Young --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
307 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 09/10/03 - A H&R BLOCK, INC. *HRB* 093671105 07/08/03 124,007 1 Elect Directors For For Mgmt 1.1 Elect Director G. Kenneth Baum --- For 1.2 Elect Director Henry F. Frigon --- For 1.3 Elect Director Roger W. Hale --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/26/04 - A HONEYWELL INTERNATIONAL, 438516106 02/27/04 489,359 INC. *HON* 1 Elect Directors For For Mgmt 1.1 Elect Director James J. Howard --- For 1.2 Elect Director Bruce Karatz --- For 1.3 Elect Director Russell E. Palmer --- For 1.4 Elect Director Ivan G. Seidenberg --- For 1.5 Elect Director Eric K.
308 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Shinseki --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 4 Amend Vote Requirements to Against For ShrHoldr Amend Articles/Bylaws/Charter Supermajority vote requirements serve as entrenchment devices for management and therefore are not in the shareholders' best interest. 5 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 6 Report on Pay Disparity Against Against ShrHoldr 7 Provide for Cumulative Voting Against Against ShrHoldr Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders.
309 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 05/07/04 - A ILLINOIS TOOL WORKS INC. 452308109 03/09/04 178,625 *ITW* 1 Elect Directors For For Mgmt 1.1 Elect Director William F. Aldinger --- For 1.2 Elect Director Michael J. Birck --- For 1.3 Elect Director Marvin D. Brailsford --- For 1.4 Elect Director James R. Cantalupo --- For 1.5 Elect Director Susan Crown --- For 1.6 Elect Director Don H. Davis, Jr. --- For 1.7 Elect Director W. James Farrell --- For 1.8 Elect Director Robert C. McCormack --- For 1.9 Elect Director Robert S. Morrison --- For 1.10 Elect Director Harold B. Smith --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 06/02/04 - A INGERSOLL-RAND COMPANY G4776G101 04/02/04 100,825 LIMITED *IR* MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt
310 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director P.C. Godsoe --- For 1.2 Elect Director C.J. Horner --- For 1.3 Elect Director O.R. Smith --- For 2 ADOPTION OF AMENDED AND For For Mgmt RESTATED INCENTIVE STOCK PLAN OF 1998. The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans and other favorable terms of the plan. A vote in favor of this proposal is recommended. 3 APPROVAL OF AMENDED AND For For Mgmt RESTATED BYE-LAWS. As the proposed article amendments will have a positive effect on the company's corporate governance, it is recommended that shareholders support this item. 4 Ratify Auditors For For Mgmt 5 SHAREHOLDER PROPOSAL TO Against For ShrHoldr DECLASSIFY THE BOARD OF DIRECTORS. The ability to elect directors is the single most important use of the shareholder franchise, and all
311 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- directors should be accountable on an annual basis. A classified board can entrench management and effectively preclude most takeover bids or proxy contests. Board classification forces dissidents and would-be acquirers to negotiate with the incumbent board, which has the authority to decide on offers without a shareholder vote. 6 SHAREHOLDER PROPOSAL TO CHANGE Against Against ShrHoldr THE COMPANY S JURISDICTION OF INCORPORATION. Support of this shareholder resolution is not warranted at this time as the board has adequately addressed many of the concerns raised by the proponent. Based on the significant economic benefits to shareholders and the company's recent progress toward positive corporate governance and improved disclosure, it is recommended that shareholders oppose this shareholder-requisitioned proposal. 7 SHAREHOLDER PROPOSAL TO REQUIRE Against Against ShrHoldr THE SEPARATION OF THE CHIEF EXECUTIVE OFFICER AND THE CHAIR OF THE BOARD. The company's governance structure
312 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- provides a satisfactory balance to a unified chairman and CEO position. 05/11/04 - A ITT INDUSTRIES, INC. *ITT* 450911102 03/19/04 57,214 1 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 2 Elect Directors For For Mgmt 04/22/04 - A LOCKHEED MARTIN CORP. 539830109 03/01/04 256,979 *LMT* 1 Elect Directors For Split Mgmt 1.1 Elect Director E.C. 'Pete' Aldridge, Jr. --- For 1.2 Elect Director Nolan D. Archibald --- For 1.3 Elect Director Norman R. Augustine --- Withhold WITHHOLD votes from Joseph W. Ralston and Norman R. Augustine for standing as affiliated outsiders on the Nominating Committee 1.4 Elect Director Marcus C. Bennett --- For 1.5 Elect Director Vance D. Coffman --- For 1.6 Elect Director Gwendolyn S. King --- For 1.7 Elect Director Douglas H. McCorkindale --- For
313 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 1.8 Elect Director Eugene F. Murphy --- For 1.9 Elect Director Joseph W. Ralston --- Withhold WITHHOLD votes from Joseph W. Ralston and Norman R. Augustine for standing as affiliated outsiders on the Nominating Committee 1.10 Elect Director Frank Savage --- Withhold Frank Savage is a former Enron director and SSGA has chosen to WITHHOLD from this director. 1.11 Elect Director Anne Stevens --- For 1.12 Elect Director Robert J. Stevens --- For 1.13 Elect Director James R. Ukropina --- Withhold James R. Ukropina si an affiliated outsider on the audit and nominating committees. 1.14 Elect Director Douglas C. Yearley --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Executive Ties to Against Against ShrHoldr Government 4 Submit Shareholder Rights Plan Against Against ShrHoldr (Poison Pill) to Shareholder Vote SSGA support proposal to Submit Shareholder Rights Plan (Poison
314 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Pill) to Shareholder Vote. In view of the company's commitment to put any future pill to a shareholder vote within 12 months, the objectives of this proposals have already been achieved. 5 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 6 Develop Ethical Criteria for Against Against ShrHoldr Military Contracts 05/11/04 - A MASCO CORP. *MAS* 574599106 03/15/04 263,352 1 Elect Directors For For Mgmt 1.1 Elect Director Peter A. Dow --- For 1.2 Elect Director Anthony F. Earley, Jr. --- For 1.3 Elect Director Wayne B. Lyon --- For 1.4 Elect Director David L. Johnston --- For 1.5 Elect Director J. Michael Losh --- For 2 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's
315 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- auditors. 06/16/04 - A MONSTER WORLDWIDE, INC. 611742107 04/26/04 75,430 *MNST* 1 Elect Directors For Split Mgmt 1.1 Elect Director Andrew J. Mckelvey --- For 1.2 Elect Director George R. Eisele --- For 1.3 Elect Director John Gaulding --- For 1.4 Elect Director Ronald J. Kramer --- For 1.5 Elect Director Michael Kaufman --- For 1.6 Elect Director John Swann --- Withhold John Swann is an affiliated outsider on the nominating committee. 1.7 Elect Director David A. Stein --- For 2 Amend Omnibus Stock Plan For For Mgmt This proposal does not seek to authorize an increase in the number of shares available for issuance under the plan. Instead it seeks shareholder reapproval for the material terms of the performance goals of the company. 02/17/04 - A NAVISTAR INTERNATIONAL 63934E108 01/05/04 56,053 CORP. *NAV* 1 Elect Directors For For Mgmt
316 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Michael N. Hammes --- For 1.2 Elect Director James H. Keyes --- For 1.3 Elect Director Southwood J. Morcott --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 05/13/04 - A NORFOLK SOUTHERN CORP. 655844108 03/05/04 249,953 *NSC* 1 Elect Directors For Split Mgmt 1.1 Elect Director Alston D. Correll --- For 1.2 Elect Director Landon Hilliard --- Withhold Landon Hilliard is an affiliated outsider on the nominating and compensation committees. 1.3 Elect Director Burton M. Joyce --- For 1.4 Elect Director Jane Margaret O'Brien --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking
317 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- ratification of the company's auditors. 05/18/04 - A NORTHROP GRUMMAN CORP. 666807102 03/22/04 101,102 *NOC* 1 Elect Directors For For Mgmt 1.1 Elect Director Lewis W. Coleman --- For 1.2 Elect Director J. Michael Cook --- For 1.3 Elect Director Philip A. Odeen --- For 1.4 Elect Director Aulana L. Peters --- For 1.5 Elect Director Kevin W. Sharer --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Develop Ethical Criteria for Against Against ShrHoldr Military Contracts 4 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed.
318 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 04/27/04 - A PACCAR INC. *PCAR* 693718108 03/01/04 109,543 1 Elect Directors For For Mgmt 2 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 3 Amend Deferred Compensation Plan For For Mgmt 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Limit Awards to Executives Against Against ShrHoldr 11/19/03 - A PALL CORP. *PLL* 696429307 10/01/03 106,693 1 Elect Directors For For Mgmt 1.1 Elect Director Daniel J. Carroll, Jr. --- For 1.2 Elect Director Eric Krasnoff --- For 1.3 Elect Director Dr. Edward L. Snyder --- For 1.4 Elect Director Dr. James D. Watson --- For 1.5 Elect Director Marcus Wilson --- For 2 Approve Executive Incentive For For Mgmt Bonus Plan
319 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Amend Restricted Stock Plan For For Mgmt 4 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 10/22/03 - A PARKER-HANNIFIN CORP. *PH* 701094104 08/29/03 98,146 1 Elect Directors For For Mgmt 1.1 Elect Director Duane E. Collins --- For 1.2 Elect Director Robert J. Kohlhepp --- For 1.3 Elect Director Giulio Mazzalupi --- For 1.4 Elect Director Klaus-Peter Muller --- For 1.5 Elect Director Allan L. Rayfield --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt
320 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 05/10/04 - A PITNEY BOWES INC. *PBI* 724479100 03/12/04 146,096 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Political Against Against ShrHoldr Contributions/Activities 05/04/04 - A POWER-ONE, INC. *PWER* 739308104 03/12/04 144,573 1 Elect Directors For For Mgmt 1.1 Elect Director Steven J. Goldman --- For 1.2 Elect Director Jay Walters --- For 1.3 Elect Director Jon E.M. Jacoby --- For 1.4 Elect Director Mark Melliar-Smith --- For 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt
321 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 02/23/04 - S R. R. DONNELLEY & SONS CO. 257867101 01/15/04 84,335 *RRD* 1 Issue Shares in Connection with For For Mgmt an Acquisition Despite the increased leverage, the combined company will be the leading full-service global printer with pro forma revenues of $8 billion and thus better positioned to benefit from scale and growth opportunities. Donnelley shareholders will own 53.1 percent of the combined company which is slightly below its revenue and EBITDA contribution but above its contribution to the combined company's net income. Donnelley directors will control the board of the combined company. The CEO position, however, will be assumed by Moore's CEO, solving Donnelley's succession search. The transaction is expected to be accretive in the first year, excluding transaction costs. On aggregate, it is a net positive for Donnelley's shareholders. 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due
322 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/14/04 - A R. R. DONNELLEY & SONS CO. 257867101 03/01/04 89,012 *RRD* 1 Elect Directors For For Mgmt 2 Sale of Company Assets Against Against ShrHoldr 3 Expense Stock Options Against Against ShrHoldr 05/05/04 - A RAYTHEON CO. *RTN* 755111507 03/08/04 248,435 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Develop Ethical Criteria for Against Against ShrHoldr Military Contracts 4 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 5 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders
323 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 6 Implement MacBride Principles Against Against ShrHoldr 7 Expense Stock Options Against Against ShrHoldr 8 Submit Executive Pension Against Against ShrHoldr Benefit to Vote 9 Limit Executive Compensation Against Against ShrHoldr 05/04/04 - A ROBERT HALF INTERNATIONAL 770323103 03/11/04 132,107 INC. *RHI* 1 Elect Directors For For Mgmt 1.1 Elect Director Andrew S. Berwick, Jr. --- For 1.2 Elect Director Frederick P. Furth --- For 1.3 Elect Director Edward W. Gibbons --- For 1.4 Elect Director Harold M. Messmer, Jr. --- For 1.5 Elect Director Thomas J. Ryan --- For 1.6 Elect Director J. Stephen Schaub --- For 1.7 Elect Director M. Keith Waddell --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's
324 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- auditors. 02/04/04 - A ROCKWELL AUTOMATION INC 773903109 12/08/03 127,763 *ROK* A.1 Elect Director Don H. Davis, Jr. For For Mgmt A.2 Elect Director William H. Gray, For For Mgmt III A.3 Elect Director William T. For For Mgmt McCormick, Jr. A.4 Elect Director Keith D. Nosbusch For For Mgmt B Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. C Amend Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 02/10/04 - A ROCKWELL COLLINS, INC. 774341101 12/15/03 118,045 *COL* 1 Elect Directors For For Mgmt 1.1 Elect Director Donald R. Beall --- For 1.2 Elect Director Richard J. Ferris --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
325 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 05/07/04 - A RYDER SYSTEM, INC. *R* 783549108 03/12/04 63,816 1 Elect Directors For For Mgmt 1.1 Elect Director John M. Berra --- For 1.2 Elect Director David I. Fuente --- For 1.3 Elect Director Eugene A. Renna --- For 1.4 Elect Director Abbie J. Smith --- For 1.5 Elect Director Christine A. Varney --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 2,370,495 1 Elect Directors For For Mgmt 2 Approve Conversion to Series of For For Mgmt Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to
326 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment. 05/19/04 - A SOUTHWEST AIRLINES CO. 844741108 03/23/04 433,314 *LUV* 1 Elect Directors For Split Mgmt 1.1 Elect Director Herbert D. Kelleher --- For 1.2 Elect Director Rollin W. King --- For 1.3 Elect Director June M. Morris --- Withhold WITHHOLD votes from June M. Morris for standing as an affiliated outsider on the Audit, Compensation and Nominating committees and C. Webb Crockett for standing as affiliated outsider on the Compensation and Nominating committees. 1.4 Elect Director C. Webb Crockett --- Withhold 1.5 Elect Director William P. Hobby --- For 1.6 Elect Director Travis C. Johnson --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's
327 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- auditors. 04/28/04 - A TEXTRON INC. *TXT* 883203101 03/05/04 92,644 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Stock-for-Salary/Bonus For For Mgmt Plan 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Report on Foreign Weapons Sales Against Against ShrHoldr 6 Report on Political Against Against ShrHoldr Contributions/Activities 7 Cease Charitable Contributions Against Against ShrHoldr 05/03/04 - A THE BOEING CO. *BA* 097023105 03/05/04 479,154 1 Elect Directors For For Mgmt 2 Reduce Supermajority Vote For For Mgmt Requirement 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's
328 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- auditors. 4 Develop Ethical Criteria for Against Against ShrHoldr Military Contracts 5 Adopt Amended Workplace Code of Against Against ShrHoldr Conduct 6 Declassify the Board of Against For ShrHoldr Directors Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 7 Amend Vote Requirements to Against For ShrHoldr Amend Articles/Bylaws/Charter SSGA does not support supermajority vote requirements, as they serve as entrenchment devices for management and therefore are not in the shareholders' best interest. 8 Submit Severance Agreement Against For ShrHoldr (Change-in-Control) to Shareholder Vote SSGA supports proposals that ask the company to Submit Severance Agreement (Change-in-Control) to Shareholder Vote when the compensation committee is not entirely independent. 9 Adopt a Policy that will Commit Against Against ShrHoldr
329 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Commit Executive & Directors to Hold at least 75% of their Shares 10 Provide Employees Choice of Against Against ShrHoldr Pension Plans at Retirement or Termination 05/05/04 - A THOMAS & BETTS CORP. *TNB* 884315102 03/15/04 74,497 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan
330 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 03/25/04 - A TYCO INTERNATIONAL LTD. 902124106 03/25/04 1,057,477 *TYC* MEETING FOR HOLDERS OF ADRS 1 Elect Directors For For Mgmt 1.1 Elect Director Dennis C. Blair --- For 1.2 Elect Director Edward D. Breen --- For 1.3 Elect Director George W. Buckley --- For 1.4 Elect Director Brian Duperreault --- For 1.5 Elect Director Bruce S. Gordon --- For 1.6 Elect Director John A. Krol --- For 1.7 Elect Director Mackey J. Mcdonald --- For 1.8 Elect Director H. Carl Mccall --- For 1.9 Elect Director Brendan R. O'Neill --- For 1.10 Elect Director Sandra S. Wijnberg --- For 1.11 Elect Director Jerome B. York --- For 2 Ratify Auditors For For Mgmt 3 ADOPTION OF THE AMENDED AND For For Mgmt RESTATED BYE-LAWS. Resolution seeks a series of amendments to make the company charter more consistent with Delaware corporate law. The proposed amendments contain
331 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- provisions that are similar or identical to the provisions provided under Delaware corporate laws. Because application of this stricter standard will have a positive effect on the company's corporate governance, it is recommended that shareholders support this item. 4 APPROVAL OF TYCO 2004 STOCK AND For For Mgmt INCENTIVE PLAN. The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans and other favorable terms of the plan. A vote in favor of this proposal is recommended. 5 SHAREHOLDER PROPOSAL REGARDING For For ShrHoldr ENVIRONMENTAL REPORTING. Item 5 is a shareholder proposal requesting that the company provide a report to shareholders by Oct. 31, 2005, outlining the company's response to increasing regulatory, competitive, and public pressure to reduce the emission of toxic chemicals. Given the enthusiastic support from management, and the potential benefits that can be derived from taking a proactive stance on this issue, support for this proposal is recommended.
332 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 6 SHAREHOLDER PROPOSAL TO CHANGE Against Against ShrHoldr TYCO S JURISDICTION OF INCORPORATION FROM BERMUDA TO A U.S. STATE. The American Federation of State, County and Municipal Employees (AFSCME) Pension Plan, beneficial owner of 324,308 common shares, urges Tyco's board to take the measures necessary to change the company's jurisdiction of incorporation from Bermuda to a U.S. state. Tyco became a Bermuda company in 1997 as a result of a business combination with ADT. Because the board has adequately addressed many of the concerns associated with this proposal and due to the significant economic benefits to shareholders and the company's recent advancements toward positive corporate governance, good disclosure, and transparency, it is recommended that shareholders oppose this shareholder-requisitioned proposal. 7 SHAREHOLDER PROPOSAL ON COMMON Against Against ShrHoldr SENSE EXECUTIVE COMPENSATION. The United Brotherhood of Carpenters Pension Fund and United Association of S&P 500
333 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Index Fund, beneficial owners of 33,700 and 127,115 common shares respectively, requests a "Common Sense Executive Compensation" program. The proposal seeks to limit executive base pay at 1 million, with other restrictions on bonus plans. Because the company's Compensation Committee is comprised entirely of independent directors and due to the proposal's restrictive and arbitrary limits on executive pay, shareholder support is not warranted. 04/16/04 - A UNION PACIFIC CORP. *UNP* 907818108 02/06/04 148,322 1 Elect Directors For Split Mgmt 1.1 Elect Director P.F. Anschutz --- Withhold Philip F. Anschutz is an affiliated outsider on the nominating commitee. 1.2 Elect Director R.K. Davidson --- For 1.3 Elect Director T.J. Donohue --- For 1.4 Elect Director A.W. Dunham --- For 1.5 Elect Director S.F. Eccles --- For 1.6 Elect Director I.J. Evans --- For 1.7 Elect Director J.R. Hope --- For 1.8 Elect Director M.W.
334 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Mcconnell --- For 1.9 Elect Director S.R. Rogel --- For 1.10 Elect Director E. Zedillo --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Limit Executive Compensation Against Against ShrHoldr 5 Report on Political Against Against ShrHoldr Contributions/Activities 05/06/04 - A UNITED PARCEL SERVICE, 911312106 03/08/04 624,265 INC. *UPS* 1 Elect Directors For For Mgmt 1.1 Elect Director Calvin Darden --- For 1.2 Elect Director Michael L. Eskew --- For 1.3 Elect Director James P. Kelly --- For 1.4 Elect Director Ann M. Livermore --- For 1.5 Elect Director Gary E. MacDougal --- For 1.6 Elect Director Victor A.
335 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Pelson --- For 1.7 Elect Director Lea N. Soupata --- For 1.8 Elect Director Robert M. Teeter --- For 1.9 Elect Director John W. Thompson --- For 1.10 Elect Director Carol B. Tome --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/14/04 - A UNITED TECHNOLOGIES CORP. 913017109 02/17/04 262,221 *UTX* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Disclosure of Executive Against Against ShrHoldr Compensation 4 Develop Ethical Criteria for Against Against ShrHoldr Military Contracts 5 Performance-Based/Indexed Against For ShrHoldr Options SSGA supports Performance-Based/Indexed Options. 6 Separate Chairman and CEO Against Against ShrHoldr Positions
336 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- 04/28/04 - A W.W. GRAINGER, INC. *GWW* 384802104 03/01/04 64,409 1 Elect Directors For For Mgmt 1.1 Elect Director Brian P. Anderson --- For 1.2 Elect Director Wesley M. Clark --- For 1.3 Elect Director Wilbur H. Gantz --- For 1.4 Elect Director David W. Grainger --- For 1.5 Elect Director Richard L. Keyser --- For 1.6 Elect Director Frederick A. Krehbiel --- For 1.7 Elect Director John W. McCarter, Jr. --- For 1.8 Elect Director Neil S. Novich --- For 1.9 Elect Director James D. Slavik --- For 1.10 Elect Director Harold B. Smith --- For 1.11 Elect Director Janiece S. Webb --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/14/04 - A WASTE MANAGEMENT, INC. 94106L109 03/19/04 324,811 *WMI* 1 Elect Directors For For Mgmt 1.1 Elect Director Pastora San Juan Cafferty --- For 1.2 Elect Director Frank M.
337 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - -------------------------------------------------------------------------------------------------------------------- Clark, Jr. --- For 1.3 Elect Director Robert S. Miller --- For 1.4 Elect Director A. Maurice Myers --- For 1.5 Elect Director John C. Pope --- For 1.6 Elect Director W. Robert Reum --- For 1.7 Elect Director Steven G. Rothmeier --- For 1.8 Elect Director David P. Steiner --- For 1.9 Elect Director Carl W. Vogt --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation.
338 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 01/22/04 - A AIR PRODUCTS & 009158106 11/28/03 473,774 CHEMICALS, INC. *APD* 1 Elect Directors For For Mgmt 1.1 Elect Director W. Douglas Ford --- For 1.2 Elect Director James F. Hardymon --- For 1.3 Elect Director Paula G. Rosput --- For 1.4 Elect Director Lawrason D. Thomas --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/30/04 - A ALCOA INC. *AA* 013817101 02/02/04 2,272,040 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Report on Pay Disparity Against Against ShrHoldr 4 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote
339 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/06/04 - A ALLEGHENY 01741R102 03/12/04 254,113 TECHNOLOGIES, INC. *ATI* 1 Elect Directors For For Mgmt 04/28/04 - A BALL CORP. *BLL* 058498106 03/01/04 156,186 1 Elect Directors For For Mgmt 1.1 Elect Director Hanno C. Fiedler --- For 1.2 Elect Director John F. Lehman --- For 1.3 Elect Director George A. Sissel --- For 1.4 Elect Director Erik H. van der Kaay --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/06/04 - A BEMIS COMPANY, INC. 081437105 03/12/04 295,738 *BMS* 1 Elect Directors For For Mgmt 1.1 Elect Director Nancy P. Mcdonald --- For 1.2 Elect Director Jeffrey H. Curler --- For 1.3 Elect Director Roger D. O'Shaughnessy --- For 1.4 Elect Director David S. Haffner --- For
340 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Increase Authorized Common For Against Mgmt Stock The number of additional authorized common shares sought in this proposal exceeds guidelines (102%). The company has not offered a specific purpose for the additional shares. 12/09/03 - S BOISE CASCADE CORP. 097383103 11/03/03 125,613 *BCC* 1 Approve Merger Agreement For For Mgmt 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 04/28/04 - A E.I. DU PONT DE 263534109 03/09/04 2,685,607 NEMOURS & CO. *DD* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Executive Ties Against Against ShrHoldr to Government 4 Adopt and Report on Against Against ShrHoldr
341 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- a Code of Corporate Conduct 5 Limit Executive Against Against ShrHoldr Compensation 05/06/04 - A EASTMAN CHEMICAL CO. 277432100 03/15/04 213,434 *EMN* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Awards to Executives Against Against ShrHoldr 05/07/04 - A ECOLAB, INC. *ECL* 278865100 03/16/04 682,252 1 Elect Directors For For Mgmt 1.1 Elect Director Richard U. De Schutter --- For 1.2 Elect Director William L. Jews --- For 1.3 Elect Director Joel W. Johnson --- For 1.4 Elect Director Ulrich Lehner --- For 1.5 Elect Director Beth M. Pritchard --- For 2 Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of
342 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Employee Stock For For Mgmt Purchase Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/06/04 - A ENGELHARD CORP. *EC* 292845104 03/15/04 344,639 1 Elect Directors For For Mgmt 05/06/04 - A FREEPORT-MCMORAN 35671D857 03/12/04 537,991 COPPER & GOLD INC. *FCX* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Non-Employee For For Mgmt Director Omnibus Stock Plan
343 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 4 Halt Payments to Against Against ShrHoldr Indonesian Military 05/04/04 - A GEORGIA-PACIFIC CORP. 373298108 03/10/04 698,565 *GP* 1 Elect Directors For For Mgmt 1.1 Elect Director Barbara L. Bowles --- For 1.2 Elect Director Donald V. Fites --- For 1.3 Elect Director David R. Goode --- For 1.4 Elect Director Karen N. Horn --- For 1.5 Elect Director William R. Johnson --- For 1.6 Elect Director James B. Williams --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Approve Executive For For Mgmt Incentive Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation.
344 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/06/04 - A GREAT LAKES CHEMICAL 390568103 03/08/04 148,007 CORP. *GLK* 1 Elect Directors For For Mgmt 2 Seek Sale of Company/Assets Against Against ShrHoldr 07/25/03 - PC HERCULES INC. *HPC* 427056106 06/06/03 133,710 DISSIDENT PROXY (WHITE CARD) 1 Elect Directors For For Mgmt (Opposition Slate) 1.1 Elect Director Harry Fields --- For In following through on support from previous years, SSgA will be supporting Sam Heyman and this years slate of dissidents. 1.2 Elect Director Anthony Kronman --- For 1.3 Elect Director Vincent Tese --- For 1.4 Elect Director Gerald Tsai, Jr. --- For 2 Ratify Auditors None For Mgmt Routine proposal seeking ratification of the company's auditors.
345 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 3 Approve Non-Employee Against For Mgmt Director Omnibus Stock Plan SHAREHOLDER PROPOSALS 4 Redemption of the For For ShrHoldr company's Rights Agreement 5 Amend Articles to For For ShrHoldr reinstate the rights of the shareholders -- Call Special Meetings and Act by Written Consent MANAGEMENT PROXY (GOLD CARD) 1 Elect Directors For DoNotVote Mgmt 1.1 Elect Director Patrick Duff --- DoNotVote The dissidents have not met the burden of proof in terms of a coherent transition plan and strategy to warrant control of the board, especially given the company's improved operating performance. 1.2 Elect Director Thomas P. Gerrity --- DoNotVote 1.3 Elect Director John K. Wulff --- DoNotVote 1.4 Elect Director Joe B. Wyatt --- DoNotVote 2 Ratify Auditors For DoNotVote Mgmt Routine proposal seeking
346 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- ratification of the company's auditors. 3 Approve Non-Employee For DoNotVote Mgmt Director Omnibus Stock Plan SHAREHOLDER PROPOSALS 4 Redemption of the Against DoNotVote ShrHoldr company's Rights Agreement Because poison pills greatly alter the balance of power between shareholders and management, ISS believes that shareholders should be allowed to make their own evaluation of such plans. The current poison pill was not submitted to shareholder approval. In 1991, shareholders voted to redeem the existing poison pill, which had a 20 percent trigger and was redeemed three years later. Ideally, a pill should include a two-to three-year sunset provision, a reasonable flip-in (20 percent or higher), and a chewable feature allowing shareholders to redeem the pill in the event of a takeover offer. In this case, the company's rights plan was not approved by shareholders nor does it embody all of the above features. While the recent amendment introduces shareholder-friendly features, the pill does not have a 20 percent trigger for non-institutional
347 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- investors and does not have a sunset provision. Therefore, this proposal should be supported. 5 Amend Articles to Against DoNotVote ShrHoldr reinstate the rights of the shareholders -- Call Special Meetings and Act by Written Consent If this proposal is implemented, shareholders would have greater ability to remove directors or initiate shareholder resolutions without waiting for the next scheduled meeting. Shareholders could also find it easier to respond to a beneficial offer as a bidder who already owns shares would have the option to call a special meeting. With respect to the board's concerns over the implications of granting such rights to shareholders in a takeover situation, including this proxy fight, the company already has a poison pill in place which has a low trigger and an unusual election bylaw that act as anti-takeover devices. 05/12/04 - A HERCULES INC. *HPC* 427056106 03/22/04 292,762 1 Elect Directors For Split Mgmt 1.1 Elect Director Craig A. Rogerson --- For 1.2 Elect Director John
348 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- C. Hunter, III --- Withhold John C. Hunter, III is an affiliated outsider on the audit and compensation committees. 1.3 Elect Director Robert D. Kennedy --- For 2 Amend Articles to Elect For For Mgmt Directors by Plurality Vote 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Amend Articles to Provide For For Mgmt Shareholders with Right to Act by Written Consent and Call Special Meetings 05/11/04 - A INTERNATIONAL FLAVORS 459506101 03/23/04 245,669 & FRAGRANCES INC. *IFF* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Prohibit Auditor from Against Against ShrHoldr Providing Non-Audit Services
349 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 05/11/04 - A INTERNATIONAL PAPER 460146103 03/17/04 1,227,597 CO. *IP* 1 Elect Directors For Split Mgmt 1.1 Elect Director Martha F. Brooks --- For 1.2 Elect Director James A. Henderson --- For 1.3 Elect Director Robert D. Kennedy --- For 1.4 Elect Director W. Craig McClelland --- Withhold WITHHOLD votes from W. Craig McClelland for standing as an affiliated outsider on the Nominating Committee. 1.5 Elect Director Robert M. Amen --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all
350 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- plans, and the reasonable terms of the plan. 5 Limit Executive Against Against ShrHoldr Compensation 05/03/04 - A LOUISIANA-PACIFIC 546347105 03/05/04 307,908 CORP *LPX* 1 Elect Directors For Split Mgmt 1.1 Elect Director Dustan E. McCoy --- For 1.2 Elect Director Lee C. Simpson --- Withhold WITHHOLD votes from Lee C. Simpson for standing as an affiliated outsider on the Nominating Committee. 1.3 Elect Director Colin D. Watson --- For 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Amend Non-Employee For For Mgmt Director Restricted Stock Plan 4 Amend Non-Employee For For Mgmt Director Stock Option Plan 5 Amend Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would
351 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 6 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 7 Separate Chairman and CEO Against Against ShrHoldr Positions 8 Report on Greenhouse Gas Against Against ShrHoldr Emissions 04/27/04 - A MEADWESTVACO CORP. 583334107 03/01/04 545,094 *MWV* 1 Elect Directors For For Mgmt 1.1 Elect Director William E. Hoglund --- For 1.2 Elect Director Douglas S. Luke --- For 1.3 Elect Director Robert C. McCormack --- For 1.4 Elect Director Jane L. Warner --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
352 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 01/29/04 - A MONSANTO CO. *MON* 61166W101 12/01/03 550,317 1 Elect Directors For For Mgmt 1.1 Elect Director Frank V. Atlee III --- For 1.2 Elect Director Gwendolyn S. King --- For 1.3 Elect Director Sharon R. Long, Ph.D. --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. SHAREHOLDER PROPOSALS 4 Report on Impact of Against Against ShrHoldr Genetically Engineered Seed 5 Report on Export of Against Against ShrHoldr Hazardous Pesticides 6 Submit Shareholder Rights Against For ShrHoldr Plan (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power
353 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 04/28/04 - A NEWMONT MINING CORP. 651639106 03/02/04 963,096 (HOLDING COMPANY) *NEM* 1 Elect Directors For For Mgmt 1.1 Elect Director Glen A. Barton --- For 1.2 Elect Director Vincent A. Calarco --- For 1.3 Elect Director Michael S. Hamson --- For 1.4 Elect Director Leo I. Higdon, Jr. --- For 1.5 Elect Director Pierre Lassonde --- For 1.6 Elect Director Robert J. Miller --- For 1.7 Elect Director Wayne W. Murdy --- For 1.8 Elect Director Robin A. Plumbridge --- For 1.9 Elect Director John B. Prescott --- For 1.10 Elect Director Michael K. Reilly --- For 1.11 Elect Director Seymour Schulich --- For 1.12 Elect Director James
354 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- V. Taranik --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Shareholder Rights Against For ShrHoldr Plan (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 05/13/04 - A NUCOR CORP. *NUE* 670346105 03/15/04 212,860 1 Elect Directors For For Mgmt 1.1 Elect Director Daniel R. Dimicco --- For 1.2 Elect Director James D. Hlavacek --- For 1.3 Elect Director Raymond J. Milchovich --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/14/04 - A PACTIV CORP. *PTV* 695257105 03/19/04 380,531 1 Elect Directors For For Mgmt
355 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.1 Elect Director Larry D. Brady --- For 1.2 Elect Director K. Dane Brooksher --- For 1.3 Elect Director Robert J. Darnall --- For 1.4 Elect Director Mary R. (Nina) Henderson --- For 1.5 Elect Director Roger B. Porter --- For 1.6 Elect Director Richard L. Wambold --- For 1.7 Elect Director Norman H. Wesley --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/28/04 - A PHELPS DODGE CORP. 717265102 04/08/04 239,449 *PD* 1 Elect Directors For For Mgmt 2 Cease Charitable Against Against ShrHoldr Contributions 04/15/04 - A PPG INDUSTRIES, INC. 693506107 02/17/04 456,603 *PPG* 1 Elect Directors For For Mgmt 1.1 Elect Director James G. Berges --- For 1.2 Elect Director Erroll
356 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- B. Davis, Jr. --- For 1.3 Elect Director Victoria F. Haynes --- For 1.4 Elect Director Allen J. Krowe --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/27/04 - A PRAXAIR, INC. *PX* 74005P104 03/01/04 875,696 1 Elect Directors For For Mgmt 2 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Increase Authorized Common For For Mgmt Stock The size of the increase (60%) requested falls within guidelines. 4 Approve Stockholder For For Mgmt Protection Rights Agreement 05/03/04 - A ROHM AND HAAS CO. 775371107 03/05/04 608,578 *ROH* 1 Elect Directors For For Mgmt 1.1 Elect Director
357 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- William J. Avery --- For 1.2 Elect Director J. Michael Fitzpatrick --- For 1.3 Elect Director Earl G. Graves, Sr. --- For 1.4 Elect Director Raj L. Gupta --- For 1.5 Elect Director David W. Haas --- For 1.6 Elect Director Thomas W. Haas --- For 1.7 Elect Director James A. Henderson --- For 1.8 Elect Director Richard L. Keyser --- For 1.9 Elect Director Jorge P. Montoya --- For 1.10 Elect Director Sandra O. Moose --- For 1.11 Elect Director Gilbert S. Omenn --- For 1.12 Elect Director Gary L. Rogers --- For 1.13 Elect Director Ronaldo H. Schmitz --- For 1.14 Elect Director Marna C. Whittington --- For 2 Approve Executive For For Mgmt Incentive Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the
358 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- plan and would ultimately reduce the company's corporate tax obligation. 3 Approve Executive For For Mgmt Incentive Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 4 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 6 Other Business For Against Mgmt Details of other business items not disclosed 05/05/04 - A SEALED AIR CORP. 81211K100 03/08/04 234,309 *SEE* 1 Elect Directors For For Mgmt 1.1 Elect Director Hank Brown --- For 1.2 Elect Director Michael Chu --- For
359 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 1.3 Elect Director Lawrence R. Codey --- For 1.4 Elect Director T.J. Dermot Dunphy --- For 1.5 Elect Director Charles F. Farrell, Jr. --- For 1.6 Elect Director William V. Hickey --- For 1.7 Elect Director Kenneth P. Manning --- For 1.8 Elect Director William J. Marino --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 10/21/03 - S SHORT-TERM 825251101 07/25/03 2,481,976 INVESTMENTS CO. 1 Elect Directors For For Mgmt 2 Approve Conversion to For For Mgmt Series of Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware
360 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment. 05/04/04 - A SIGMA-ALDRICH CORP. 826552101 03/05/04 191,813 *SIAL* 1 Elect Directors For For Mgmt 1.1 Elect Director Nina V. Fedoroff --- For 1.2 Elect Director David R. Harvey --- For 1.3 Elect Director W. Lee McCollum --- For 1.4 Elect Director William C. O'Neil, Jr. --- For 1.5 Elect Director J. Pedro Reinhard --- For 1.6 Elect Director Jerome W. Sandweiss --- For 1.7 Elect Director D. Dean Spatz --- For 1.8 Elect Director Barrett A. Toan --- For 2 Ratify Auditors For For Mgmt
361 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- Routine proposal seeking ratification of the company's auditors. 3 Increase Authorized Common For For Mgmt Stock The size of the increase (50%) requested falls within guidelines. 05/07/04 - A TEMPLE-INLAND INC. 879868107 03/10/04 152,374 *TIN* 1 Elect Directors For For Mgmt 1.1 Elect Director Donald M. Carlton --- For 1.2 Elect Director E. Linn Draper, Jr. --- For 1.3 Elect Director Jeffrey M. Heller --- For 1.4 Elect Director Kenneth M. Jastrow, II --- For 1.5 Elect Director James A. Johnson --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/13/04 - A THE DOW CHEMICAL 260543103 03/15/04 2,448,590 COMPANY *DOW* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
362 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 3 Declassify the Board of For For Mgmt Directors 4 Report on Social Against Against ShrHoldr Initiatives in Bhopal 04/27/04 - A UNITED STATES STEEL 912909108 02/27/04 291,339 CORP. *X* 1 Elect Directors For For Mgmt 1.1 Elect Director Robert J. Darnall --- For 1.2 Elect Director Roy G. Dorrance --- For 1.3 Elect Director Charles R. Lee --- For 1.4 Elect Director John G. Drosdick --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/14/04 - A VULCAN MATERIALS CO. 929160109 03/15/04 276,931 *VMC* 1 Elect Directors For For Mgmt 1.1 Elect Director Orin R. Smith --- For 1.2 Elect Director Douglas J. McGregor --- For 1.3 Elect Director Donald B. Rice --- For 1.4 Elect Director Vincent J. Trosino --- For
363 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 2 Approve Non-Employee For For Mgmt Director Restricted Stock Plan 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/13/04 - A WEYERHAEUSER CO. *WY* 962166104 02/20/04 557,535 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Declassify the Board of Against For Mgmt Directors A classified board can entrench management and effectively preclude most takeover bids or proxy contests. 4 Expense Stock Options Against Against ShrHoldr 5 Implement Restricted Share Against Against ShrHoldr Executive Compensation Plan SSGA supports performance-based compensation. 6 Report on Greenhouse Gas Against Against ShrHoldr Emissions
364 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- 7 Develop Policy Regarding Against Against ShrHoldr Old Growth Forests 8 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 09/25/03 - A WORTHINGTON 981811102 08/01/03 148,170 INDUSTRIES INC. *WOR* 1 Elect Directors For For Mgmt 1.1 Elect Director John B. Blystone --- For 1.2 Elect Director James G. Brocksmith, Jr. --- For 1.3 Elect Director William S. Dietrich, II --- For 1.4 Elect Director Sidney A. Ribeau --- For 2 Amend Non-Employee For For Mgmt Director Stock Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable
365 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ---------------------------------------------------------------------------------------------------------------------- and can be supported. 3 Approve Stock Option Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 4 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
366 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 11/14/03 - A ALLEGHENY ENERGY, INC. *AYE* 017361106 09/29/03 555,998 1 Elect Directors For For Mgmt 1.1 Elect Director H. Furlong Baldwin --- For 1.2 Elect Director Julia L. Johnson --- For 1.3 Elect Director Gunnar E. Sarsten --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. SHAREHOLDER PROPOSALS 3 Submit Shareholder Rights Plan Against Against ShrHoldr (Poison Pill) to Shareholder Vote In this case, Allegheny Energy's board determined in July 2003 to redeem the company's pill. The redemption must be authorized by the SEC under the Public Utility Holding Company Act of 1935. Once that approval is received, the company intends to promptly redeem the rights plan. 4 Performance- Based/Indexed Against Against ShrHoldr Options 5 Performance- Based/Indexed Against Against ShrHoldr Options 6 Expense Stock Options Against Against ShrHoldr 7 Separate Chairman and CEO Against For ShrHoldr Positions Absent an offsetting governance structure, we believe that a company of this size should be able to find two qualified people willing to serve in the
367 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ separate positions of chairman and CEO. 8 Adopt Simple Majority Vote Against For ShrHoldr Requirement Requiring more than a simple majority may permit management to entrench itself by blocking initiatives that are in shareholders' best interests. 9 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 10 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 11 Reincorporate in Another State Against For ShrHoldr from Maryland to Delaware Based upon the anti-takeover provisions in Maryland law and the comprehensive and flexible corporate laws of Delaware, this proposal warrants shareholder support. 05/13/04 - A ALLEGHENY ENERGY, INC. *AYE* 017361106 03/16/04 552,085 1 Elect Directors For For Mgmt
368 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.1 Elect Director Eleanor Baum --- For 1.2 Elect Director Cyrus F. Freidheim, Jr. --- For 1.3 Elect Director Ted J. Kleisner --- For 2 Eliminate Cumulative Voting For For Mgmt Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 3 Approve Non-Employee Director For For Mgmt Stock Option Plan Considering the level of cash compensation directors currently receive, the relatively conservative number of shares to be granted annually to each nonemployee director in relation to the market price of the stock, and the total number of shares to be authorized under the terms of this plan, the plan is reasonable and can be supported. 4 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
369 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 6 Amend Vote Requirements to Amend For For ShrHoldr Articles/Bylaws/Charter 7 Submit Shareholder Rights Plan For For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 8 Declassify the Board of Directors For For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 9 Separate Chairman and CEO Against Against ShrHoldr Positions 10 Expense Stock Options Against Against ShrHoldr 11 Adopt a Policy that will Commit Against Against ShrHoldr Executive & Directors to Hold at Least 50% of their Shares 12 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 13 Restore Preemptive Rights of Against Against ShrHoldr Shareholders 14 Reincorporate in Another State Against For ShrHoldr from Maryland to Delaware
370 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Based upon the company currently being subject to anti-takeover provisions under Maryland law and the comprehensive and flexible corporate laws of Delaware, this proposal warrants shareholder support. 04/27/04 - A AMEREN CORPORATION *AEE* 023608102 03/11/04 787,263 1 Elect Directors For Split Mgmt 1.1 Elect Director Susan S. Elliott --- For 1.2 Elect Director Clifford L. Greenwalt --- For 1.3 Elect Director Thomas A. Hays --- For 1.4 Elect Director Richard A. Liddy --- For 1.5 Elect Director Gordon R. Lohman --- For 1.6 Elect Director Richard A. Lumpkin --- For 1.7 Elect Director John Peters MacCarthy --- Withhold John Peters MacCarthy is an affiliated outsider on the compensation committee. 1.8 Elect Director Paul L. Miller, Jr. --- For 1.9 Elect Director Charles W. Mueller --- For 1.10 Elect Director Douglas R. Oberhelman --- For 1.11 Elect Director Gary L. Rainwater --- For
371 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.12 Elect Director Harvey Saligman --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Risks of Nuclear Waste Against Against ShrHoldr Storage 04/27/04 - A AMERICAN ELECTRIC POWER CO. 025537101 03/03/04 1,717,420 *AEP* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 4 Submit Executive Pension Benefit Against Against ShrHoldr to Vote Because the company's SERP appears to confer extraordinary benefits not included in employee-wide plans, we believe that the SERP proposal warrants shareholder support. 5 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 6 Establish Term Limits for Against Against ShrHoldr Directors
372 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/26/04 - A CALPINE CORP. *CPN* 131347106 03/29/04 1,727,375 1 Elect Directors For For Mgmt 1.1 Elect Director Ann B. Curtis --- For 1.2 Elect Director Kenneth T. Derr --- For 1.3 Elect Director Gerald Greenwald --- For 2 Increase Authorized Common Stock For For Mgmt The size of the increase (100%) requested falls within guidelines. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Amend Employee Stock Purchase For For Mgmt Plan The plan complies with Section 423 of the Internal Revenue Code, the number of shares being added is relatively conservative, the offering period is reasonable, and there are limitations on participation. 5 Implement Indigenous Peoples Against Against ShrHoldr Right Policy/ Cease Medicine Lake Development 6 Limit Awards to Executives Against Against ShrHoldr 7 Include Voting Recommendations Against Against ShrHoldr of
373 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Institutional Holders in Proxy Statement 8 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 06/03/04 - A CENTERPOINT ENERGY INC *CNP* 15189T107 04/05/04 1,183,702 1 Elect Directors For For Mgmt 1.1 Elect Director Robert T. O'Connell --- For 1.2 Elect Director Milton Carroll --- For 1.3 Elect Director John T. Cater --- For 1.4 Elect Director Michael E. Shannon --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Awards to Executives Against Against ShrHoldr 4 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 5 Other Business For Against Mgmt Details of other business items not
374 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ disclosed 05/04/04 - A CINERGY CORP. *CIN* 172474108 03/05/04 774,720 1 Elect Directors For For Mgmt 1.1 Elect Director Michael G. Browning --- For 1.2 Elect Director George C. Juilfs --- For 1.3 Elect Director Dudley S. Taft --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/28/04 - A CMS ENERGY CORP. *CMS* 125896100 04/02/04 628,297 1 Elect Directors For Split Mgmt 1.1 Elect Director Merribel S. Ayres --- For 1.2 Elect Director Earl D. Holton --- For 1.3 Elect Director David W. Joos --- For 1.4 Elect Director Michael T. Monahan --- For 1.5 Elect Director Joseph F. Paquette, Jr. --- Withhold WITHHOLD votes from Joseph F. Paquette, Jr. for standing as an affiliated outsider on the Audit, Compensation Committee, and Nominating Committees. 1.6 Elect Director William U. Parfet --- For
375 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.7 Elect Director Percy A. Pierre --- For 1.8 Elect Director S. Kinnie Smith, Jr. --- For 1.9 Elect Director Kenneth L. Way --- For 1.10 Elect Director Kenneth Whipple --- For 1.11 Elect Director John B. Yasinsky --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Bundled Compensation For For Mgmt Plans 5 Increase Authorized Common Stock For For Mgmt The size of the increase (40%) requested falls within guidelines. 05/17/04 - A CONSOLIDATED EDISON, INC. 209115104 03/29/04 944,899 *ED* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
376 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 3 Approve Employee Stock Purchase For For Mgmt Plan 4 Increase Disclosure of Executive Against Against ShrHoldr Compensation 05/21/04 - A CONSTELLATION ENERGY GROUP, 210371100 03/19/04 699,128 INC. *CEG* 1 Elect Directors For For Mgmt 1.1 Elect Director James T. Brady --- For 1.2 Elect Director James R. Curtiss --- For 1.3 Elect Director Edward J. Kelly, III --- For 1.4 Elect Director Robert J. Lawless --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 04/23/04 - A DOMINION RESOURCES, INC. *D* 25746U109 02/27/04 1,410,519 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Executive Compensation to Against Against ShrHoldr Vote 04/29/04 - A DTE ENERGY CO. *DTE* 233331107 03/01/04 732,226 1 Elect Directors For For Mgmt 1.1 Elect Director Anthony F. Earley, Jr. --- For
377 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.2 Elect Director Allan D. Gilmour --- For 1.3 Elect Director Frank M. Hennessey --- For 1.4 Elect Director Gail J. McGovern --- For 1.5 Elect Director Josue Robles, Jr. --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/13/04 - A DUKE ENERGY CORP. *DUK* 264399106 03/15/04 3,957,013 1 Elect Directors For Split Mgmt 1.1 Elect Director Paul M. Anderson --- For 1.2 Elect Director Ann M. Gray --- For 1.3 Elect Director Michael E.J. Phelps --- Withhold WITHHOLD votes from Michael E.J. Phelps for standing as an affiliated outsider on the Nominating Committee. 1.4 Elect Director James T. Rhodes --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the
378 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 05/20/04 - A DYNEGY, INC. *DYN* 26816Q101 03/31/04 1,615,168 1 Elect Directors For For Mgmt 2 Amend Conversion of Securities For For Mgmt 3 Authorize Issuance of Equity or For For Mgmt Equity-Linked Securities with Preemptive Rights 4 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 5 Submit Executive Compensation to Against For ShrHoldr Vote SSGA supports performance-based compensation. 6 Develop Equity Compensation Against Against ShrHoldr Plans and Utilize Time-Based & Restricted Share Programs in Lieu of Stock Options 05/20/04 - A EDISON INTERNATIONAL *EIX* 281020107 03/22/04 1,370,125 1 Elect Directors For For Mgmt 2 Submit Shareholder Rights Plan Against Against ShrHoldr (Poison Pill) to Shareholder Vote
379 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 05/14/04 - A ENTERGY CORP. *ETR* 29364G103 03/17/04 997,651 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 4 Restore or Provide for Against Against ShrHoldr Cumulative Voting Cumulative voting permits a director to be elected who would represent and further a special interest as opposed to acting for the benefit of all shareholders. 5 Prohibit Awards to Executives Against Against ShrHoldr 04/27/04 - A EXELON CORP. *EXC* 30161N101 03/01/04 1,421,791 1 Elect Directors For For Mgmt 1.1 Elect Director Nicholas DeBenedictis --- For 1.2 Elect Director G. Fred Dibona, Jr. --- For
380 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.3 Elect Director Sue L. Gin --- For 1.4 Elect Director Edgar D. Jannotta --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 05/18/04 - A FIRSTENERGY CORPORATION *FE* 337932107 03/23/04 1,380,489 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Declassify the Board of Directors For For Mgmt 4 Reduce Supermajority Vote For For Mgmt Requirement 5 Approve Deferred Compensation For For Mgmt Plan 6 Approve Deferred Compensation For For Mgmt Plan 7 Expense Stock Options Against Against ShrHoldr 8 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans
381 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 9 Report on Political Against Against ShrHoldr Contributions/Activities 10 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote 05/21/04 - A FPL GROUP, INC. *FPL* 302571104 03/16/04 802,010 1 Elect Directors For Split Mgmt 1.1 Elect Director H. Jesse Arnelle --- For 1.2 Elect Director Sherry S. Barrat --- Withhold Sherry S. Barrat is an affiliated outsider on all key committees. 1.3 Elect Director Robert M. Beall, Ii --- For 1.4 Elect Director J. Hyatt Brown --- For 1.5 Elect Director James L. Camaren --- For 1.6 Elect Director Lewis Hay III --- For 1.7 Elect Director Frederic V. Malek --- For 1.8 Elect Director Michael H. Thaman --- For 1.9 Elect Director Paul R. Tregurtha --- Withhold Paul R. Tregurtha is an affiliated
382 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ outsider on the compensation and nominating committees. 1.10 Elect Director Frank G. Zarb --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 5 Approve Executive Incentive For For Mgmt Bonus Plan Compliance with 162(m) would preserve the full deductibility of all compensation paid under the plan and would ultimately reduce the company's corporate tax obligation. 6 Increase Authorized Common Stock For For Mgmt The size of the increase (33%) requested falls within guidelines.
383 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/20/04 - A KEYSPAN CORPORATION *KSE* 49337W100 03/22/04 667,384 1 Elect Directors For For Mgmt 1.1 Elect Director Robert B. Catell --- For 1.2 Elect Director Andrea S. Christensen --- For 1.3 Elect Director Alan H. Fishman --- For 1.4 Elect Director J. Atwood Ives --- For 1.5 Elect Director James R. Jones --- For 1.6 Elect Director James L. Larocca --- For 1.7 Elect Director Gloria C. Larson --- For 1.8 Elect Director Stephen W. Mckessy --- For 1.9 Elect Director Edward D. Miller --- For 1.10 Elect Director Vikki L. Pryor --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans.
384 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/11/04 - A KINDER MORGAN, INC. *KMI* 49455P101 03/12/04 536,113 1 Elect Directors For Split Mgmt 1.1 Elect Director Charles W. Battey --- Withhold WITHHOLD votes from Charles W. Battey for standing as an affiliated outsider on the Audit Committee. 1.2 Elect Director H. A. True, III --- For 1.3 Elect Director Fayez Sarofim --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Amend Stock Option Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 4 Prepare a Sustainability Report Against For ShrHoldr The incremental approach advocated by the GRI would not be overly burdensome for the company to implement. 5 Expense Stock Options Against Against ShrHoldr 04/15/04 - A NICOR INC. *GAS* 654086107 02/17/04 198,271 1 Elect Directors For Split Mgmt 1.1 Elect Director Robert M. Beavers, Jr. --- For
385 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.2 Elect Director Bruce P. Bickner --- For 1.3 Elect Director John H. Birdsall, III --- Withhold WITHHOLD votes from John H. Birdsall, III for standing as an affiliated outsider on the Audit Committee. 1.4 Elect Director Thomas A. Donahoe --- For 1.5 Elect Director Thomas L. Fisher --- For 1.6 Elect Director John E. Jones --- For 1.7 Elect Director Dennis J. Keller --- For 1.8 Elect Director William A. Osborn --- For 1.9 Elect Director John Rau --- For 1.10 Elect Director John F. Riordan --- For 1.11 Elect Director Russ M. Strobel --- For 1.12 Elect Director Patricia A. Wier --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be
386 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ allowed to make their own evaluation of such plans. 05/11/04 - A NISOURCE INC. *NI* 65473P105 03/16/04 1,144,390 1 Elect Directors For For Mgmt 1.1 Elect Director Steven C. Beering --- For 1.2 Elect Director Dennis E. Foster --- For 1.3 Elect Director Richard L. Thompson --- For 1.4 Elect Director Carolyn Y. Woo --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 02/27/04 - A PEOPLES ENERGY CORP. *PGL* 711030106 12/31/03 157,072 1 Elect Directors For For Mgmt 1.1 Elect Director J.R. Boris --- For 1.2 Elect Director W.J. Brodsky --- For 1.3 Elect Director P. Cafferty --- For 1.4 Elect Director J.W. Higgins --- For 1.5 Elect Director D.C. Jain --- For 1.6 Elect Director M.E. Lavin --- For 1.7 Elect Director H.J. Livingston, Jr. --- For
387 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.8 Elect Director T.M. Patrick --- For 1.9 Elect Director R.P. Toft --- For 1.10 Elect Director A.R. Valasquez --- For 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 04/21/04 - A PG&E CORP. *PCG* 69331C108 02/23/04 1,849,409 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 4 Submit Severance Agreement Against Against ShrHoldr (Change-in-Control) to Shareholder Vote The compensation committee is
388 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ entirely independent. 5 Require Directors be a Link-Free Against Against ShrHoldr Directors 6 Adopt Radioactive Waste Policy Against Against ShrHoldr 7 Separate Chairman and CEO Against Against ShrHoldr Positions 8 Limit Executive Compensation Against Against ShrHoldr 05/19/04 - A PINNACLE WEST CAPITAL CORP. 723484101 03/19/04 380,838 *PNW* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Report on Nuclear Fuel Storage Against Against ShrHoldr Risks 04/23/04 - A PPL CORP. *PPL* 69351T106 02/27/04 771,497 1 Elect Directors For For Mgmt 1.1 Elect Director William F. Hecht --- For 1.2 Elect Director Stuart Heydt --- For 1.3 Elect Director W. Keith Smith --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
389 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/12/04 - A PROGRESS ENERGY, INC. *PGN* 743263105 03/05/04 1,062,991 1 Elect Directors For For Mgmt 2 Prohibit Awards to Executives Against Against ShrHoldr 04/20/04 - A PUBLIC SERVICE ENTERPRISE 744573106 02/20/04 1,046,283 GROUP INC. *PEG* 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Require Two Candidates for Each Against Against ShrHoldr Board Seat 05/04/04 - A SEMPRA ENERGY *SRE* 816851109 03/09/04 984,343 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For Against Mgmt The initiative cannot be supported due to the total level of potential dilution under all plans. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors.
390 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 4 Declassify the Board of Directors Against For ShrHoldr Classified boards serve to entrench management and discourage bidders by preventing replacement of the board in one year. In addition, shareholders are prevented from removing board members who are not acting in the best interest of shareholders until their term is completed. 5 Submit Shareholder Rights Plan Against For ShrHoldr (Poison Pill) to Shareholder Vote Because shareholder rights plans greatly alter the balance of power between shareholders and management, shareholders should be allowed to make their own evaluation of such plans. 6 Prohibit Auditor from Providing Against Against ShrHoldr Non-Audit Services 7 Separate Chairman and CEO Against Against ShrHoldr Positions 10/21/03 - S SHORT-TERM INVESTMENTS CO. 825251101 07/25/03 11,096,685 1 Elect Directors For For Mgmt 2 Approve Conversion to Series of For For Mgmt Delaware Statutory Trust Reorganizing the fund from a Maryland corporation to a Delaware statutory trust may provide benefits to
391 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ the fund and its shareholders. Most of the funds of AIM Funds are now or are likely to become Delaware statutory trusts. To the extent that the boards and management of funds of AIM Funds, including the board and management of the fund, have to deal with the law of a single state, rather than the laws of many states, efficiencies may be achieved, both in terms of reduced costs in determining the requirements of law in unique circumstances and the certainty of operating routinely in a familiar regulatory environment. 05/26/04 - A SOUTHERN COMPANY *SO* 842587107 03/29/04 3,061,370 1 Elect Directors For Split Mgmt 1.1 Elect Director Daniel P. Amos --- For 1.2 Elect Director Dorrit J. Bern --- For 1.3 Elect Director Francis S. Blake --- For 1.4 Elect Director Thomas F. Chapman --- For 1.5 Elect Director H. Allen Franklin --- For 1.6 Elect Director Bruce S. Gordon --- For 1.7 Elect Director Donald M. James --- Withhold Donald M. James is an affiliated outsider on the audit committee. 1.8 Elect Director Zack T. Pate --- For
392 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.9 Elect Director J. Neal Purcell --- For 1.10 Elect Director David M. Ratcliffe --- For 1.11 Elect Director Gerald J. St. Pe --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Approve Outside Director Stock For For Mgmt in Lieu of Cash 04/28/04 - A TECO ENERGY, INC. *TE* 872375100 02/18/04 836,694 1 Elect Directors For For Mgmt 2 Approve Omnibus Stock Plan For For Mgmt The initiative can be supported due to the size of the requested authorization, the resulting level of potential dilution under all plans, and the reasonable terms of the plan. 3 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 4 Limit Executive Compensation Against Against ShrHoldr 5 Expense Stock Options Against Against ShrHoldr 04/28/04 - A THE AES CORP. *AES* 00130H105 03/03/04 2,709,175 1 Elect Directors For For Mgmt 1.1 Elect Director Richard Darman --- For
393 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 1.2 Elect Director Alice F. Emerson --- For 1.3 Elect Director Paul T. Hanrahan --- For 1.4 Elect Director Kristina M. Johnson --- For 1.5 Elect Director John A. Koskinen --- For 1.6 Elect Director Philip Lader --- For 1.7 Elect Director John H. McArthur --- For 1.8 Elect Director Sandra O. Moose --- For 1.9 Elect Director Philip A. Odeen --- For 1.10 Elect Director Charles O. Rossotti --- For 1.11 Elect Director Sven Sandstrom --- For 1.12 Elect Director Roger W. Sant --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 05/20/04 - A THE WILLIAMS COMPANIES, INC. 969457100 03/26/04 2,166,575 *WMB* 1 Elect Directors For For Mgmt 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Awards to Executives Against Against ShrHoldr
394 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/21/04 - A TXU CORP. *TXU* 873168108 03/22/04 1,361,984 1 Elect Directors For Split Mgmt 1.1 Elect Director Derek C. Bonham --- For 1.2 Elect Director E. Gail de Planque --- For 1.3 Elect Director William M. Griffin --- For 1.4 Elect Director Kerney Laday --- Withhold Kerney Laday is an affiliated outsider on the compensation and nominating committees. 1.5 Elect Director Jack E. Little --- For 1.6 Elect Director Erle Nye --- For 1.7 Elect Director J.E. Oesterreicher --- For 1.8 Elect Director Michael W. Ranger --- For 1.9 Elect Director Herbert H. Richardson --- For 1.10 Elect Director C. John Wilder --- For 2 Ratify Auditors For For Mgmt Routine proposal seeking ratification of the company's auditors. 3 Limit Executive Compensation Against Against ShrHoldr
395 VOTE SUMMARY REPORT Jul 01, 2003 - Jun 30, 2004 UTILITIES SELECT SECTOR SPDR FUND - J918
Mtg Company/ Mgmt Vote Record Shares Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted - ------------------------------------------------------------------------------------------------------------------------ 05/20/04 - A XCEL ENERGY INC. *XEL* 98389B100 03/22/04 1,677,112 1 Declassify the Board of Directors For For Mgmt 2 Elect Directors For For Mgmt 3 Approve Non-Employee Director For For Mgmt Omnibus Stock Plan
396 SIGNATURES Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. The Select Sector SPDR Trust (Registrant) By: /s/Donald A. Gignac ------------------------- Donald A. Gignac President (Signature and Title)* Date: August 31, 2004 * Print the name and title of each signing officer under his or her signature. 397 -----END PRIVACY-ENHANCED MESSAGE-----