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Home My WebLink AboutPension General_Documentation_Tab 12_08/07/2006••s~•••+~••~~s••s•••~••••!••••~••• COMPLIANCE Investment Policy and Corporate Governance Compliance Section DANA INVESTMENT ADVISORS, INC. 21 TABLE OF CONTENTS Table of Contents I. Value Line Ratings, Corporate Governance Rankings, Corporate Bond Ratings II. Corporate Governance Supporting Data III. Proxy Vote Summary Report IV. Proxy Voting Guidelines DANA INVESTMENT ADVISORS, INC. 22 I I. Value Line Ratings and Corporate Governance Rankings Value Line Safety Rating • Stocks are broken into 5 groups • The Value Line universe is comprised of approximately 1,700 stocks • Value Line Safety Ranking equally weights a Companies Financial Strength & Stocks Price Stability • Group 1 contains those that are expected to have the best Company Financial Strength & Stock Price Stability in the next 6-12 months • Group 5 contains those expected to have the worst Company Financial Strength & Stock Price Stability in the next 6-12 months • Stocks with a Value Line Safety ranking of 6 have not yet .been rated Corporate Governance • Institutional Shareholder Services (ISS) has been retained to vote proxy statements • ISS also provides a Corporate Governance Quotient (CGQ) rating • 100 is the highest, 1 is the lowest • Stocks are rated on a relative basis • Rating is based on Shareholder Advocacy issues and not on financial strength or investment potential • Stocks with an "n/a" rating have not yet been analyzed for corporate governance by ISS DANA INVESTMENT ADVISORS, INC. 23 Dana Investment Advisors VALUE LINE SAFETY RATINGS ISS CORPORATE GOVERNANCE RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe June 30, 2006 Security Value Line ISS Corp Gov Market Percent of Symbol Security Safety Rating Index Rating Value Equities COMMON STOCK Dana Large Cap t AT&T Inc. mo Altria Group Inc. dox Amdocs Ltd apa Apache Corp amat Applied Materials Inc. bac Bank of America Corporation bsc Bear Stearns Companies Inc. bdx Becton Dickinson & Co bni Burlington Northern Santa Fe cit CIT Group cat Caterpillar Inc. c Citigroup Inc. cop Conocophillips dow Dow Chemical Company etn Eaton Corp. esv Ensco International Inc. fisv Fiserv Inc. hig Hanford Financial Services it Ingersoll-Rand Co. ibm International Business Machines Corp. jpm J. P. Morgan Chase & Company jnj Johnson & Johnson jci Johnson Controls Inc. kmb Kimberly-Clark Corp. leg Leggett & Platt mro Marathon Oil Corp. mck McKesson Corp. 2 85 5,689.56 1.37 3 53 6,608.70 1.59 4 n/a 7,686.00 1.85 3 4 7,098.00 1.71 3 61 6,837.60 1.65 2 46 7,215.00 1.74 3 38 7,844.48 1.89 1 84 4,279.10 1.03 3 88 7,132.50 1.72 3 90 6,797.70 1.64 2 89 7,001.12 1.69 3 92 7,141.00 1.72 2 37 7,863.60 1.89 3 73 5,932.56 1.43 1 68 7,540.00 1.82 3 68 5,752.50 1.39 3 42 6,758.64 1.63 3 68 7,106.40 1.71 3 n/a 5,989.20 1.44 1 14 6,913.80 1.67 3 90 7,140.00 1.72 1 18 6,531.28 1.57 2 76 8,386.44 2.02 1 82 5,861.50 1.41 n/a n/a 4,621.30 l.ll 2 56 9,079.70 2.19 3 48 6,619.20 1.59 24 Dana Investment Advisors VALUE LINE SAFETY RATINGS ISS CORPORATE GOVERNANCE RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe ~ June 30, 2006 Security Value Line ISS Corp Gov Market Percent of Symbol Security Safety Rating Index Rating Value Equities met Metlife Inc. 2 50 7,630.29 1.84 mot Motorola Inc. 3 73 5,642.00 1.36 jwn Nordstrom Inc 3 81 5,840.00 1.41 ppg PPG Industries Inc. 2 21 6,072.00 1.46 ppl PPL Corporation 3 62 7,235.20 1.74 pbg Pepsi Bottling Group 3 46 6,237.10 1.50 Inc. dgx Quest Diagnostics Inc. 3 69 8,328.88 2.01 sre Sempra Energy 2 33 6,640.08 1.60 svu Supervalu Inc. 3 63 6,447.00 1.55 utx United Technologies 1 90 6,342.00 1.53 Corp vfc V F Corporation 3 83 7,946.64 1.91 vlo Valero Energy Corp. 3 65 8,647.60 2.08 vz Verizon 2 76 5,291.42 1.27 Communications wb Wachovia Corporation 3 36 6,327.36 1.52 wm Washington Muhial Inc. 2 26 7,201.64 1.73 wlp Wellpoint Health 2 70 6,840.38 1.65 Networks wye Wyeth 2 87 6,617.09 1.59 298,713.56 Dana Small Cap cbc Capital Bancorp Ltd n/a 33 6,232.00 1.50 ctr Cato Corp. 3 5 4,523.75 1.09 diod Diodes Inc. 4 10 7,459.20 1.80 gdi Gardner Denver Inc n/a 89 4,928.00 1.19 gisx Global Imaging 3 34 6,852.48 1.65 Systems Inc. jah Jarden Corporation 3 55 5,724.60 1.38 komg Komag Incorporated ? 74 7,388.80 1.78 lrw Labor Ready Inc. 3 82 6,998.85 1.69 sigi Selective Insurance 3 71 7,710.06 1.86 Group sie Sierra Health Services 3 85 6,304.20 1.52 2 25 • • • • • • • • • ~ • i • • • • • • ~ • • • • • • • • • r • • • ~ Dana Investment Advisors VALUE LINE SAFETY RATINGS 1SS CORPORATE GOVERNANCE RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe June 30, 2006 Security Value Line ISS Corp Gov Market Percent of Symbol Security Safety Rating Index Rating Value Equities mw The Men's Wearhouse 3 83 1,999.80 0.48 Inc. ptry The Pantry Inc n/a 58 6,732.18 1.62 72,853.92 Mutual & Exchange Traded Funds cee Central Europe & 3 n/a 4,367.15 1.05 Russia Fund iif Morgan Stanley India n/a n/a 3,269.25 0.79 Investment Fund tkf Turkish Investment n/a n/a 1,624.50 0.39 Fund ewa iShares MSCI Australia n/a n/a 3,320.00 0.80 Index Fund ewo iShares MSCI Austria n/a n/a 4,633.50 1.12 Index Fund ewz iShares MSCI Brazil n/a n/a 2,347.20 0.57 Index Fund efa iShares MSCI EAFE n/a n/a 4,577.30 1.10 Index Fund ewj iShares MSCI Japan n/a n/a 4,160.20 1.00 Index Fund ewy iShares MSCI Korea n/a n/a 3,158.40 0.76 Index Fund eww iShares MSCI Mexico n/a n/a 3,157.75 0.76 Index Fund ewn iShares MSCI n/a n/a 2,255.00 0.54 Netherlands Index Fund ewd iShares MSCI Sweden n/a n/a 3,415.50 0.82 Index Fund ewu iShares MSCI United n/a n/a 3,368.00 0.81 Kingdom Index Fund 43,653.75 415,221.23 3 26 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Dana Investment Advisors VALUE LINE SAFETY RATINGS ISS CORPORATE GOVERNANCE RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe June 30, 2006 ', Security Value Line ISS Corp Gov Symbol Security Safety Rating Index Rating TOTAL EQUITIES Market Percent of Value Equities 415,221.23 a 27 ••••••~~~~~•••••••••••••s••••••• Dana Investment Advisors CORPORATE BOND RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe June 30, 2006 Market Security Quantity Value S & P Moody CORPORATE BONDS Bank of America Corp 5,000.00 5,018.20 A+ Aa3 7.500% Due 09-15-06 Hewlett-Packard Co 5,000.00 5,003.35 A- A3 5.750% Due 12-15-06 Carolina Power & Light 5,000.00 5,056.10 BBB A3 6.800% Due 08-15-07 Merrill Lynch & Co. 5,000.00 4,925.35 A+ Aa3 4.250% Due 09-14-07 Cit Group Inc. 5,000.00 4,904.70 A A2 4.750% Due 08-15-08 CSX Corp 5,000.00 5,053.95 BBB Baal 6.250% Due 10-15-08 Deutsche Bank Financial 6,000.00 6,268.68 A+ Al 7.500% Due 04-25-09 Target Corp. 5,000.00 4,973.75 A+ A2 5.375% Due 06-15-09 Countrywide Home 5,000.00 4,974.90 A A3 Loan 5.620% Due 07-15-09 Capital One Bank 5,000.00 4,988.20 BBB+ A3 5.750% Due 09-15-10 Lehman Brothers Inc. 5,000.00 4,843.30 A+ Al 5.000% Due 01-14-11 Kohls Corporation 5,000.00 5,092.05 BBB+ A3 6.300% Due 03-01-11 Bristol-Myers Squibb 5,000.00 4,986.70 A+ Al 5.750% Due 10-01-11 Bank One Corp 5,000.00 5,016.65 A Al 5.900% Due 11-15-11 Gannett Co Inc. 5,000.00 5,059.70 A A2 6.370% Due 04-01-12 SLM Corp 5,000.00 4,801.60 A A2 5.120% Due 08-27-12 Avon Products Inc. 5,000.00 4,621.05 A A2 4.620% Due OS-15-13 t 28 Dana Investment Advisors CORPORATE BOND RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe June 30, 2006 Security Quantity Market Value S & P Moody Goldman Sachs Group 5,000.00 4,790.90 A+ Aa3 Inc. 5.250% Due 10-15-13 HSBC Finance Corp. 5,000.00 4,719.70 AA- Aa3 5.250% Due 04-15-15 Lowe's Companies Inc. 5,000.00 4,701.05 A+ A2 5.000%Due 10-15-IS Wachovia Bank NA 5,000.00 4,848.00 A+ Aa3 5.600% Due 03-15-16 104,647.88 TOTAL CORPORATE BONDS 104,647.88 2 29 • • • • • • • • ~• • i • • • ! • • • • • i • • • • • • • • • • • II II. Corporate Governance Supporting Data Corporate Governance Supporting Data • All stocks that received an ISS Corporate Governance Quotient (CGQ) rating below 50, as indicated in Section I, are included in this report. • The supporting information identifies 4 policies that have a favorable impact on corporate governance and 4 policies that negatively effect corporate governance. • ISS, CGQ ratings are a proprietary ranking methodology and may or may not be either accurate or predictive. • Relative ratings continually change, and such changes may be the result of another company's rating change. • CGQ ratings are neither intended as a means to assess financial viability of a company, nor a determining factor for future returns. DANA INVESTMENT ADVISORS, INC. 30 ~',~~ ~~ ~•esn,.,, "^...., o......,..ru new ss•.~+rra ,_~' P'RC?XY 14NALYSIS ~~' The audit committee is comprised solely of independent outside directors ~ The compensation committee is comprised solely of independent outside directors The nominating committee is comprised solely of independent outside ~ directors The last time ISS evaluated the company's option plans, ISS deemed the shareholder value transfer of the plan to be reasonable The board of directors is classified The company has a poison pill in place that was not approved by shareholders No directors have participated in an "ISS accredited" director education program Stock-based incentive plans have been adopted without shareholder approval Bank of America Corp. Publication Date :April 12, 2006 Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x Directors are subject to stock ownership guidelines x Executives are subject to stock ownership guidelines x The company has a committee that oversees governance issues and the committee met in the past x year The average annual burn rate over the past three fiscal years is greater than 2% and exceeds one x standard deviation of the industry mean The company does not utilize performance-based equity awards with specific performance criteria and x hurdle rates disclosed The board has more than 15 directors x There is no disclosure of a policy that limits the number of other boards that directors may serve on x Governance Factor Positive Impact Negative Impact Governance Factor Positive Negative .~....m..__~.. ,..._,_._.__......_ The audit committee is comprised solely of independent outside directors x • All of the audit committee members are "financial experts" x Directors are subject to stock ownership guidelines x Executives are subject to stock ownership guidelines x The average annual burn rate over the past three fiscal years is greater than 2% and exceeds one x standard deviation of the industry mean • There is no disclosure of a policy that directors are required to submit a letter of resignation upon a job x change . There is no disclosure of mandatory holding periods for restricted stock after vesting x The company does not utilize performance-based equity awards with specific performance criteria and x _ hurdle rates disclosed ~~~~ Capitol Bancorp Ltd. ~ ... Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x • The company has a committee that oversees governance issues and the committee met in the past x year ere is not a dual class capital structure in place x • Aboard approved CEO succession plan is in place x The average annual burn rate over the past three fiscal years is greater than 2% and exceeds one x standard deviation of the industry mean The board is controlled by a majority of insiders and affiliated outsiders (insiders and affiliated x outsiders greater than or equal to 50%) • There is no disclosure of stock ownership guidelines for outside directors x There is no disclosure of stock ownership guidelines for executives x M Publication Date :April 5, 2006 M M ~~ i~~ The Cato Corporation Publication Date :May 9, 2006 ISS Corporate Governance Rating Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard x deviation of the industry mean The company has a committee that oversees governance issues and the committee met in the past x year A board approved CEO succession plan is in place x The company has a dual class capital structure in place with one class held to maintain voting control x There is no disclosure of stock ownership guidelines for outside directors x There is no disclosure of stock ownership guidelines for executives x The company has a poison pill in place x • d, ,,.. ,..,, ....,9,. -., ,,.. , .a Publication Date :April 27, 2006 ConocoPhillips ~ ~ ... • Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard x deviation of the industry mean • The board is controlled by a supermajority of independent outsiders (independent outsiders greater x than 90%) • Directors are subject to stock ownership guidelines x The company has a poison pill in place x The board of directors is classified x Th i di l ere s no sc osure of mandatory holding periods for restricted stock after vesting x The company does not utilize performance-based equity awards with specific performance criteria and x • hurdle rates disclosed • d' M ~~ Ix/3Tl1 ~.i •. e,E~..w~ xw.c l~~a~~crC! iF. V1F: [~ ~. Diodes Inc. Governance Factor The full board of directors is elected annually The company has governance guidelines that have been publicly disclosed All stock-based incentive plans have been approved by shareholders The positions of chairman and CEO are separated The board is controlled by a majority of insiders and affiliated outsiders (insiders and affiliated outsiders greater than or equal to 50%) The nominating committee includes inside directors The audit committee includes affiliated outsiders The compensation committee includes affiliated outsiders -,~ Iy1iTI~~I "~~3Na4 4»..w.C~•n~5~e. RFnuiCFS Fiserv, Inc. PRt~}Clf ANa~YSIS Positive Impact Negative Impact ~' PI~t~~C'hE ah~~4~YSIS Governance Factor The audit committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The nominating committee is comprised solely of independent outside directors The last time ISS evaluated the company's option plans, ISS deemed the shareholder value transfer of the plan to be reasonable The board of directors is classified The company has a poison pill in place that was not approved by shareholders The company does not expense stock option grants on its income statement No directors have participated in an "ISS accredited" director education program Positive Impact Negative Impact u-, Ir fi) i~ 9.ryS S•tk[~ii i'S~C~1'P 5~4±F. 1'fi: Global Imaging Systems Inc. Governance Factor The audit committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The nominating committee is comprised solely of independent outside directors The last time ISS evaluated the company's option plans, ISS deemed the shareholder value transfer of the plan to be reasonable The board of directors is classified The company does not expense stock option grants on its income statement There is no disclosure of a policy that limits the number of other boards that directors may serve on No directors have participated in an "ISS accredited" director education program Ix~3Tlt tJ~~rtZ~*.Ai S+}ss~Yr r'~i €jd9 RA".~. ~±~„~~ International Business Machines Corp. Governance Factor The compensation committee is comprised solely of independent outside directors The nominating committee is comprised solely of independent outside directors The company's option plans do not provide for company loans to employees The company has governance guidelines that have been publicly disclosed The board of directors is classified The audit committee includes affiliated outsiders The last time ISS evaluated the company's option plans, ISS deemed the shareholder value transfer of the plan to be excessive The company does not expense stock option grants on its income statement Positive Impact Negative Impact RRIaXY ANALYSIS Positive Impact Negative Impact ~'` PRfJXY ANALYSIS f • S ~+asn+,~•~-. ._, r.«a. r ~-~~r~s~ sre-.-ecrti Johnson & Johnson r ~~' Governance Factor The full board of directors is elected annually ~, PRt~XY ANl4lL.,Y.r'rIS Positive Impact Negative Impact ~' The audit committee is comprised solely of independent outside directors ~ The compensation committee is comprised solely of independent outside directors The nominating committee is comprised solely of independent outside directors The company does not expense stock option grants on its income ~ statement There is no disclosure of a policy that limits the number of other boards that directors may serve on There is no disclosure of a policy on auditor rotation ~ There is no disclosure of stock ownership guidelines for outside directors ~~1~ ~,, ~~ ~ . • Publication Date :July 6, 2006 ~ McKesson Corporation ~ ... • Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x • The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard x deviation of the industry mean Only one inside director and no affiliated outsiders serve on the board x Directors are subject to stock ownership guidelines x The company has a poison pill in place x • The board of directors is classified x There is no disclosure of mandatory holding periods for restricted stock after vesting x • The company does not utilize performance-based equity awards with specific performance criteria and x hurdle rates disclosed M • • _. etP r~r„ntR STUVXCRS The Pepsi Bottling Group, ~ Inc. Governance Factor The full board of directors is elected annually r` Pl~tiX T l"l1*il"{~ i s1~7 Positive Impact Negative Impact The audit committee is comprised solely of independent outside directors • The compensation committee is comprised solely of independent outside ~ directors • The nominating committee is comprised solely of independent outside ~ directors • The company has a dual class capital structure in place with unequal voting rights The last time ISS evaluated the company's option plans, ISS deemed the shareholder value transfer of the plan to be excessive • The average options granted in the past three years as a percentage of basic shares outstanding is greater than 3% The company does not expense stock option grants on its income statement a, ~ -1ISS PPG Industries, Inc. ~' Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard x deviation of the industry mean ___ ---- The board is controlled by a supermajority of independent outsiders (independent outsiders greater x than 90%) Directors are subject to stock ownership guidelines x There is no disclosure of stock ownership guidelines for executives x The company has a poison pill in place x The board of directors is classified x There is no disclosure of mandatory holding periods for restricted stock after vesting x M ~~I~~ Sempra Energy Publication Date :April 21, 2006 Governance Factor Positive Negative _..~__.._..w._._,.__._ _._ _.__._ The audit committee is comprised solely of independent outside directors x Directors are subject to stock ownership guidelines x Executives are subject to stock ownership guidelines x The company is incorporated in a state without anti-takeover provisions x The average annual burn rate over the past three fiscal years is greater than 2% and exceeds one x standard deviation of the industry mean The board of directors is classified x There is no disclosure of mandatory holding periods for restricted stock after vesting x The company does not utilize performance-based equity awards with specific performance criteria and x hurdle rates disclosed ~~~~~ ,.. ,,,...~ ..,,u~ ,...,., ... Wachovia Cora. Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x Directors are subject to stock ownership guidelines x Executives are subject to stock ownership guidelines x The company has a committee that oversees governance issues and the committee met in the past x year The average annual burn rate over the past three fiscal years is greater than 2% and exceeds one x standard deviation of the industry mean The company has a poison pill in place x The board of directors is classified x The company does not utilize performance-based equity awards with specific performance criteria and x hurdle rates disclosed M ~~ i~J Washington Mutual, Inc ... .. - - Governance Factor Positive Negative The audit committee is comprised solely of independent outside directors x Directors are subject to stock ownership guidelines x _ _ Executives are subject to stock ownership guidelines x _ ~_ The company has a committee that oversees governance issues and the committee met in the past x year The average annual burn rate over the past three fiscal years is greater than 2% and exceeds one x standard deviation of the industry mean The company has a poison pill in place x The board of directors is classified x There is no disclosure of mandatory holding periods for restricted stock after vesting x • • • • • • • i ~ • • • • • • • • ~ • ~ • • ~ • • • • • ! • • • ISS: CGQ Research Methodology Companies Rated ^ U.S. Companies ISS analyzes 61 data points to derive each U.S. issuer's rating.The database includes all companies in the S~kP 400, S&P 500, StkP 600 and the Russell 3000 indexes, along with many other companies not in these indexes. ^ Non-U.S. Companies ISS reviews 55 data points to determine the CGQ score of nearly 2,000 companies in the MSCI EAFE® Index, MSCI World Index and the Canadian S&P/TSX Composite Index. Companies outside the U.S. are also rated against other companies in the same index, industry and country."` Ratings Criteria CGQ uses a comprehensive set of objectives and consistently applied criteria for each of the companies rated. The database features corporate governance rankings on more than 7,500 companies worldwide, and includes underlying data points for up to 61 corporate governance variables, categorized under eight areas of focus. Some of the variables are reviewed together under the premise that corporate governance is enhanced when selected combinations of these variables are adopted. To facilitate analytical comparison, each company is scored individually, relative to its market index and its industry group. 'Only companies domiciled within countries with more than 75 rated companies are suhject to the country rating. Currently, this applies to the following markets: Australia, Canada, France, Germany, Japan and the United Kingdom. DANA INVESTMENT ADVISORS, INC. 40 ISS: CGQ Research Methodology Categories for evaluating companies 1. Board of directors 4. Anti-takeover provisions 7. Ownership 2. Audit 5. Executive and director compensation 8. Director education 3. Charter and bylaw provisions 6. Progressive practices To review the specific data points in each category that are factored into a company's CGQ rating, please visit w~v~v.issproxy.com. CGQ also includes stab-scores that provide a measure of a company's governance in four key areas: board of directors, takeover defenses, executive and director compensation and ownership and audit review. Companies are ranked in quintiles relative to their index and industry group. Sub- scores are given from 1-5. A score of 5 indicates a company is in the top quintile in a governance area. A score of 1 indicates a cinnpany is in the bottom quintile in a governance area. Data Sources The data provided in CGQ is derived primarily from public disclosure di~euments, press releases and corporate websires. It then goes through a rigorous verification process by ISS' senior corporate governance analysts and is put in to the CGQ database. ISS' CGQ database is updated daily to reflect all governance data changes that occur. Each company profile is updated every 120 days, tuiless the company voluntarily submits updates, at which time an updated score is generated. In addition, the sci~res are updated in advance of a company's annual shareholder meeting, so that the latest score is included on the ISS proxy analysis. As a result, im~estors can be sure that every CGQ rating is based on the latest and most accurate information available. Objective, Impartial Information CGQ is a quantitative database that provides objective and impartial information, and is not tied to any other ISS setvic.e. Companies are rated whether they want to be or not, and they cannot change their ratings by subscribing to the CGQ service, or any other sei~~ice provided by ISS. The only way a company can improve its rating is to make and publicly disclose changes in its governance structure and/or practices. ISS does encourage corporate issuers to submit any material changes related to their corporate governance structure, policies and procedures via a specially designed web portal, available to them free of charge. Corporate issuers are invited to access ~~~vw.isscgq.com to better understand how ISS calculates its CGQ scores and revie«- the exact data 1SS used to generate their CGQ score. DANA INVESTMENT ADVISORS, INC. 4I • • • • • • • ~ • • • • • • • • • • • • • • • • • • • • • i ! ~ III • • • • • • • • • • • • • i • • • • • • • • • • • • • • • • • • III. Proxy Vote Summary • Identifies each company that had a shareholder proxy vote during the most recent calendar quarter. • Summarizes each proxy item by company. • States Management's position on each vote. • Identifies whether vote was cast for or against. • Number of shares voted. DANA INVESTMENT ADVISORS, INC. 42 August 7, 2006 DANA INVESTMENT ADVISORS, INC. PERFORMANCE Account Profile Investment Objectives: Obtain a reasonable total rate of return, with reasonable consistency while attempting to protect the assets against the inroads of inflation. Performance over 3-5 year market cycle to be in excess of composite indices. Managers performance to be in the top 40% of Mobius Universe. Total Return to be equal to actuarial earnings assumption and equal or exceed CPI plus 3% over 3-5 year cycle. Comparative Indices: 60% S&P S00 40% Lehman Govt/Credit Intermediate Investment Restrictions: Not more than 5% of funds assets invested in any one issuing company or aggregate investment in one company exceed 5% of outstanding capital stock of the company. Equity: Investments in stock not to exceed 60% at cost or 70% at market. Listed on National Exchange Fixed: Standard & Poor's Investment Grade or Moody's Investment Grade. Value of bonds in single corporation shall not exceed 10% of the total fund. DANA INVESTMENT ADVISORS, INC. 2 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •I Key Money Rates As of 7-20-06 Late New York Latest Rate Week Ago Year Ago Prime Rate 8.25 8.25 6.25 Discount Rate 6.25 6.25 4.25 Federal Funds 5.24 5.26 3.27 Late New York Latest Yield Week Ago Year Ago 3-mo. T-Bill 5.06 5.07 3.36 6-mo. T-Bill 5.21 5.26 3.61 1-yr. T-Bill 5.20 5.26 3.76 10-yr. Note 5.02 5.06 4.22 30-yr. Bond 5.09 5.10 4.44 .. :. BanxQuote U.S.Index Latest Yield .. Week Ago Year Ago 3-mo. CD 3.29 3.29 2.26 6-mo. CD 3.65 3.60 2.53 1-yr. CD 4.22 4.17 2.98 2-yr. CD 4.17 4.11 3.31 5-yr. CD 4.37 4.34 3.83 •.. ~•.. Latest Week Year Late London Rate Ago Ago 1-mo. 5.38 5.36 3.45 3-mo. 5.48 5.49 3.65 6-mo. 5.54 5.56 3.87 :. BanxQuote U.S.Index Latest Yield Week Ago Year Ago Money Market 4.86 4.84 3.11 6-mo. CD 3.18 3.12 2.41 1-yr. CD 4.00 3.94 2.93 2-yr. CD 3.92 3.87 3.25 5-yr. CD 4.16 4.12 3.7C DANA INVESTMENT ADVISORS, INC. . .. LIBOR ., a Latest Rate -. • Week Ago Year Ago 1-mo. 5.39 5.37 3.46 3-mo. 5.49 5.49 3.66 6-mo. 5.55 5.56 3.88 1-yr. 5.60 5.63 4.12 Source: http://www.banxquote.com/money.asp 3 ••••••••••••~~a~ii•~•••••••••••• Sources of Portfolio Growth Beginning Market Value Contributions Withdrawals Investment Return Ending Market Value DANA INVESTMENT ADVISORS, INC. Since Inception 10-3-OS to 6-30-06 $ - 586,897 -1,378 45,366 $630,886 4 Performance vs Comparables (Gross of Fees) Unannualized Total Return Through 6-30-06 Bonds Equities Total Portfolio 2nd Qtr * Fiscal 2nd Qtr * Fiscal 2nd Qtr * Fiscal 2006 YTD 2006 YTD 2006 YTD Tequesta GE 0.32% 1.33%** 0.68% 16.63% 0.57% 9.19% Lehman Govt/Corp Intermediate 0.21% 0.34% S&P 500 -1.44% 5.04% Blend: 60% S&P 500 -0.78% 3.16% 40% Lehman G/C Intermediate * From Inception date 10-3-OS ** Return includes cash from 10-3-OS to 3-31-06 Current Asset Allocation Bonds Stocks Cash 41% 57% 2% "The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy." DANA INVESTMENT ADVISORS, INC. 5 • • • • • • • • • • i • w • ~ • • • ~ ~ • • • • ~ ~ • • • • • i Bond Characteristics vs Comparables Current Annulized Average Effective Credit Quality Yield to Maturity @ Coupon Duration Market Tequesta AA+ 5.57% 5.14% 3.26 LB G/C Intermediate AA+ 5.50% 4.90% 3.62 As of October 2005, the Portfolio's Yield to Maturity was 4.82%. The Portfolio's yield has increased 0.75% resulting in a potential annual yield increase on a $289,000 portfolio of $2,168. "The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy." DANA INVESTMENT ADVISORS, INC. 6 • • • • • • • 0 • • • • w • ` 0 • • • • • • • 0 • 0 0 • • • • 0 OUTLOOK ••••~•••••••s•••••~•~•••~••••••s Projected Future Coupon Range 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 NNNNMMMMMMM MMMMM~~~t-~Y crd-d-~-~~~v'~ V'~lf~ V~lr~ V~tr~v~u~tr~v~v~~p`p~p`p~~p~p`p~p`p~p 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~O~N\-'NMd\'V\1~N 0~0~0\'N~NM1l ~N0\p~O~N~NM~II ~[\-O~O~O~N\NM'\cri ~N0~0~0~ O'--~ ~~ 0 0 0 0 0 0 0 0 0 •--~ ~ r-+ 0 0 0 0 0 0 0 0 ~'--~'-+ 0 0 0 0 0 0 0 0 0 ~--~ ~ ~--~ 0 0 0 0 0 0 0 0 0 ~'--~ DANA INVESTMENT ADVISORS, INC. 7 Estimated Coupon range is based on average coupon spread of 150-250 basis points and 8 months , rro,,,,o~~~ no„o,..,i ~.,,,,i,..,oo~~ n~,-.~,,,., ni.,,, ~~ .. .._ ~. FOMC Statement 6-z~-o6 or immediate The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 5-1/4 percent. Recent indicators suggest that economic growth is moderating from its quite strong pace earlier this year, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices. Readings on core inflation have been elevated in recent months. Ongoing productivity gains have held down the rise in unit labor costs, and inflation expectations remain contained. However, the high levels of resource utilization and of the prices of energy and other commodities have the potential to sustain inflation pressures. Although the moderation in the growth of aggregate demand should help to limit inflation pressures over time, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information. In any event, the Committee will respond to changes in economic prospects as needed to support the attainment of its objectives. Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; Randall S. Kroszner; Jeffrey M. Lacker; Sandra Pianalto; Kevin M. Warsh; and Janet L. Yellen. In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 6-1/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas. DANA INVESTMENT ADVISORS, INC. 8 • • • • • • • • ~ • • • • • • • • • • t • • • • • t • • • • • • Treasury Yield Curve 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 -- ~ ----- ----- --- --- -- ^- ---------------------- ---- ~-- -------~ ------- - ------------ --7 03 Months Jul 24, 2006 5.08 -~---Dec 30, 2005 4.07 --~ Dec 31, 2004 2.21 DANA INVESTMENT ADVISORS, INC. 06 Months 02 Years 05 Years 10 Years 30 Years 5.23 5.07 4.98 5.03 5.08 4.37 4.40 4.35 4.39 4.54 2.58 3.07 3.61 4.22 4.83 9 • • • • • • • • • • • • • • • • • • • • • t • • • • • • • • • • Fed Funds Futures 5.~~ 5.7 0 - - - - - - - - _ - - - - - -- 5.60 5.50 ~ 5.40 - - - - - - - -- - Market expects at least one more rate increase 5.20 - - - _ - i 5.10 - 5.00 - -- - -- - _- 4.90 - -- - 4.80 Ju106 Aug06 Sep06 Oct06 Nov06 Dec06 Jan07 Feb07 Mar07 - 7/24/2006 5.24 5.34 5.38 5.41 5.43 5.42 5.41 5.41 5.40 DANA INVESTMENT ADVISORS, INC. I~ ~! • • • • • • • • • • • • • ~ • • ! ~ • ~ • • • • • • r • • • • Current Economic Environment - Real GDP increasing at 3.7% /year, 5.6% in the 1st Quarter of 2006. - All major employment and inflation indicators have been increasing. - Unemployment at lowest level in five years. - Non-farm payroll growth was up over 2 million in 2004 and in 2005 - Fed Funds real rate was negative late 2002 until late 2005. - Fed will continue to at least 51/2 %. - CPI has increased 4.2% over the last 12 months, 2.4% excluding food & energy. - Producer price index is up 4.5% over the last 12 months. - Housing beginning to show signs of slowing. - Productivity and income growth are strong 6-29-06 DANA INVESTMENT ADVISORS, INC. 11 ••••••••w••••••••••~••••••~s•••• ASSET ALLOCATION Asset Allocation as of 6-30-Oh Government Bonds $R~ 1 1 ~ Federal Agencies $82,096 11% Corporate t~onas $104,648 14% DANA INVESTMENT ADVISORS, INC. Fixed Rate Mort. Pools Money Market Accrued & Receivables ~~Q Qcz $14,684 ~a ni ~ International Holdings $43,654 6% X11 Cap T _ . _,567 51% 12 All Cap Cap Sector Distribution as of 6-30-06 22% 20 18 16 14 12 10 8 6 4' 2' 0' . ~I:~~~ D~_..L._I:~ Financials Information Industrials Health Care Consumer Energy Consumer Utilities Materials Telecomm Technology Discretionary Staples Services DANA INVESTMENT ADVISORS, INC. 13 ••••••••••••••~••••••••~r•••i•s•• CURRENT HOLDINGS Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund June 30, 2006 Market Pct. Quantity Security Price Value Assets CASH AND EQUIVALENTS Cash -Money Fund 14,683.76 2.0 14,683.76 2.0 COMMON STOCK Materials 152 Dow Chemical Company 39.03 5,932.56 0.8 92 PPG Industries Inc. 66.00 6,072.00 0.8 12,004.56 1.6 Industrials 90 Burlington Northern Santa Fe 79.25 7,132.50 1.0 94 Caterpillar Inc. 74.48 7,001.12 1.0 100 Eaton Corp. 75.40 7,540.00 1.0 128 Gardner Denver Inc 38.50 4,928.00 0.7 140 Ingersoll-Rand Co. 42.78 5,989.20 0.8 309 Labor Ready Inc. 22.65 6,998.85 1.0 100 United Technologies Corp 63.42 6,342.00 0.9 45,931.67 6.3 Telecommunication Services 204 AT&T Inc. 27.89 5,689.56 0.8 158 Verizon Communications 33.49 5,291.42 0.7 10,980.98 1.5 Consumer Discretionary 175 Cato Corp. 25.85 4,523.75 0.6 188 Jarden Corporation 30.45 5,724.60 0.8 102 Johnson Controls Inc. 82.22 8,386.44 1.1 185 Leggett & Platt 24.98 4,621.30 0.6 160 Nordstrom Inc 36.50 5,840.00 0.8 66 The Men's Wearhouse Inc. 30.30 1,999.80 0.3 117 V F Corporation 67.92 7,946.64 1.1 39,042.53 5.3 14 •••••••••••••••••••••i~~•••••••• Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund June 30, 2006 Market Pct. Quantity Security Price Value Assets Consumer Sta ples 90 Altria Group Inc. 73.43 6,608.70 0.9 95 Kimberly-Clark Corp. 61.70 5,861.50 0.8 194 Pepsi Bottling Group Inc. 32.15 6,237.10 0.9 210 Supervalu Inc. 30.70 6,447.00 0.9 117 The Pantry Inc 57.54 6,732.18 0.9 31,886.48 4.4 Energy 104 Apache Corp 68.25 7,098.00 1.0 120 Conocophillips 65.53 7,863.60 1.1 125 Ensco International Inc. 46.02 5,752.50 0.8 109 Marathon Oil Corp. 83.30 9,079.70 1.2 130 Valero Energy Corp. 66.52 8,647.60 1.2 38,441.40 5.2 Financials 150 Bank of America Corporation 48.10 7,215.00 1.0 56 Bear Stearns Companies Inc. 140.08 7,844.48 1.1 130 CIT Group 52.29 6,797.70 0.9 160 Capital Bancorp Ltd 38.95 6,232.00 0.9 148 Citigroup Inc. 48.25 7,141.00 1.0 84 Hartford Financial Services 84.60 7,106.40 1.0 170 J. P. Morgan Chase & Company 42.00 7,140.00 1.0 149 Metlife Inc. 51.21 7,630.29 1.0 138 Selective Insurance Group 55.87 7,710.06 1.1 117 Wachovia Corporation 54.08 6,327.36 0.9 158 Washington Mutual Inc. 45.58 7,201.64 1.0 78,345.93 10.7 Utilities 224 PPL Corporation 32.30 7,235.20 1.0 146 Sempra Energy 45.48 6,640.08 0.9 13,875.28 1.9 2 15 • ! • • • • • • • • • i • • • • • • • • • • • • • • • • • • • • Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund June 30, 2006 Quantity Security Market Pct. Price Value Assets Information Technology 210 Amdocs Ltd 36.60 7,686.00 1.0 420 Applied Materials Inc. 16.28 6,837.60 0.9 180 Diodes Inc. 41.44 7,459.20 1.0 149 Fiserv Inc. 45.36 6,758.64 0.9 166 Global Imaging Systems Inc. 41.28 6,852.48 0.9 90 International Business Machines Corp. 76.82 6,913.80 0.9 160 Komag Incorporated 46.18 7,388.80 1.0 280 Motorola Inc. 20.15 5,642.00 0.8 55,538.52 7.6 Health Care 70 Becton Dickinson & Co 61.13 4,279.10 0.6 109 Johnson & Johnson 59.92 6,531.28 0.9 140 McKesson Corp. 47.28 6,619.20 0.9 139 Quest Diagnostics Inc. 59.92 8,328.88 1.1 140 Sierra Health Services 45.03 6,304.20 0.9 94 Wellpoint Health Networks 72.77 6,840.38 0.9 149 Wyeth 44.41 6,617.09 0.9 45,520.13 6.2 International 95 Central Europe & Russia Fund 45.97 4,367.15 0.6 75 Morgan Stanley India Investment Fund 43.59 3,269.25 0.4 90 Turkish Investment Fund 18.05 1,624.50 0.2 160 iShares MSCI Australia Index Fund 20.75 3,320.00 0.5 150 iShares MSCI Austria Index Fund 30.89 4,633.50 0.6 60 iShares MSCI Brazil Index Fund 39.12 2,347.20 0.3 70 iShares MSCI EAFE Index Fund 65.39 4,577.30 0.6 305 iShares MSCI Japan Index Fund 13.64 4,160.20 0.6 70 iShares MSCI Korea Index Fund 45.12 3,158.40 0.4 85 iShares MSCI Mexico Index Fund 37.15 3,157.75 0.4 100 iShares MSCI Netherlands Index Fund 22.55 2,255.00 0.3 135 iShares MSCI Sweden Index Fund 25.30 3,415.50 0.5 3 16 •r•••••~•••s••s••••~••••••••••~~~ Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund June 30, 2006 Quantity Security 160 iShares MSCI United Kingdom Index Fund Market Price Value Pct. Assets 21.05 3,368.00 43,653.75 6.0 415,221.23 56.7 CORPORATE BONDS 5,000.00 Bank of America Corp 7.500% Due 09-15-06 5,000.00 Hewlett-Packard Co 5.750% Due 12-15-06 5,000.00 Carolina Power & Light 6.800% Due 08-15-07 5,000.00 Merrill Lynch & Co. 4.250% Due 09-14-07 5,000.00 Cit Group Inc. 4.750% Due 08-15-08 5,000.00 CSX Corp 6.250% Due 10-15-08 6,000.00 Deutsche Bank Financial 7.500% Due 04-25-09 5,000.00 Target Corp. 5.375% Due 06-15-09 5,000.00 Countrywide Home Loan 5.620% Due 07-15-09 5,000.00 Capital One Bank 5.750% Due 09-15-10 5,000.00 Lehman Brothers Inc. 5.000% Due 01-14-11 5,000.00 Kohls Corporation 6.300% Due 03-01-11 5,000.00 Bristol-Myers Squibb 5.750% Due 10-01-11 5,000.00 Bank One Corp 5.900% Due 11-15-11 5,000.00 Gannett Co Inc. 6.370% Due 04-01-12 4 100.36 5,018.20 0.7 100.07 5,003.35 0.7 101.12 5,056.10 0.7 98.51 4,925.35 0.7 98.09 4,904.70 0.7 101.08 5,053.95 0.7 104.48 6,268.68 0.9 99.47 4,973.75 0.7 99.50 4,974.90 0.7 99.76 4,988.20 0.7 96.87 4,843.30 0.7 101.84 5,092.05 0.7 99.73 4,986.70 0.7 100.33 5,016.65 0.7 101.19 5,059.70 0.7 17 Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund June 30, 2006 Market Pct. Quantity Security Price Value Assets 5,000.00 SLM Corp 96.03 4,801.60 0.7 5.120% Due 08-27-12 5,000.00 Avon Products Inc. 92.42 4,621.05 0.6 4.620% Due OS-15-13 5,000.00 Goldman Sachs Group Inc. 95.82 4,790.90 0.7 5.250% Due 10-15-13 5,000.00 HSBC Finance Corp. 94.39 4,719.70 0.6 5.250% Due 04-15-15 5,000.00 Lowe's Companies Inc. 94.02 4,701.05 0.6 5.000% Due 10-15-15 5,000.00 Wachovia Bank NA 96.96 4,848.00 0.7 5.600% Due 03-15-16 104, 647.88 14.3 FEDERAL AGENCY SECURITIES 10,000.00 Federal Home Loan Bank Bond 99.75 9,975.00 1.4 4.785% Due 11-15-06 10,000.00 Federal Home Loan Bank Bond 98.34 9,834.40 1.3 4.125% Due 10-19-07 10,000.00 Federal Home Loan Mortgage Corp. 100.48 10,048.40 1.4 5.750% Due 04-15-08 5,000.00 *Federal Home Loan Mortgage Corp. 99.34 4,967.20 0.7 5.125% Due 10-15-08 10,000.00 *Federal National Mortgage Association 99.59 9,959.40 1.4 5.250% Due O1-IS-09 10,000.00 Federal Home Loan Mortgage Corp. 100.78 10,078.10 1.4 5.750% Due 03-15-09 5,000.00 Federal National Mortgage Association 97.16 4,857.80 0.7 4.750% Due 12-15-10 7,000.00 Federal National Mortgage Association 100.12 7,008.75 1.0 5.500% Due 03-15-11 3,000.00 Federal Home Loan Mortgage Corp. 94.56 2,836.89 0.4 4.500% Due 01-15-13 5,000.00 Federal Home Loan Mortgage Corp. 96.16 4,807.80 0.7 4.875% Due 11-15-13 5 18 Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund June 30, 2006 Market Pct. Quantity Security Price Value Assets 8,000.00 Federal National Mortgage Association 96.53 7,722.48 1.1 5.000% Due 04-15-15 82,096.22 11.2 GOVERNMENT BONDS 10,000.00 U.S. Treasury Notes 99.37 9,937.50 1.4 3.500% Due 11-15-06 15,000.00 U.S. Treasury Notes 98.52 14,777.34 2.0 4.000% Due 09-30-07 20,000.00 U.S. Treasury Notes 98.05 19,609.37 2.7 4.120% Due 08-15-08 10,000.00 U.S. Treasury Notes 101.03 10,103.12 1.4 5.500% Due OS-15-09 15,000.00 U.S. Treasury Notes 96.80 14,519.53 2.0 4.250% Due 10-15-10 10,000.00 U.S. Treasury Notes 94.87 9,487.50 1.3 4.250% Due 08-15-13 5,000.00 U.S. Treasury Notes 93.56 4,678.12 0.6 4.250% Due 08-15-15 _ 83,112.50 11.3 FIXED RATE MORTGAGE POOLS 14,537.30 FHLMC C90939 12-1-OS 97.01 14,102.63 1.9 5.500% Due 12-01-25 14,984.16 FNMA 884093 5-1-06 98.44 14,750.41 2.0 6.000% Due OS-O1-36 28,853.04 3.9 Accrued Income 3,636.02 0.5 Dividends Receivable 349.75 0.0 Interest Receivable 30.98 0.0 TOTAL ACCRUED AND RECEIVABLE 4,016.75 0.5 6 19 • • ~ • • ~ ` ~ • • • • • • • • ~ ~ • • • ~ ! ! • • • i • • • • Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund June 30, 2006 Market Pct. Quantity Security Price Value Assets TOTAL PORTFOLIO 732,631.38 100.0 The market prices shown on these pages represent the last reported sale on the valuation date as to listed securities or the bid price in the case ofover-the-counter quotations. Prices on bonds and some other investments are based nn round lot price quotations and are for evaluation purposes only and may not represent actual market values. Bonds sold on an odd lot basis (less than $1 million) may have a dollar price lower than the round lot quote. Where no regular market exists, prices shown are estimates by sources considered reliable by Dana Investment Advisors, /nc. While the prices are obtained from sources we consider reliable, we cannot guarantee them. 7 20 ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 i Mtn Date Comnanv Dote With Record Shares Shares • ~yDB Ba/lot Issues Cast Anar«st ISS Date Available voted • 4/27/06 Altria Group, Inc. With 3/6/06 76 76 Elect Director Elizabeth E. Bailey For With • Elect Director Harold Brown For With Elect Director Mathis Cabiallavetta For With • Elect Director Louis C. Camilleri For With Elect Director J. Dudley Fishburn For With Elect Director Robert E. R. Huntley For With • Elect Director Thomas W. ]ones For With Elect Director George Munoz For With • Elect Director Lucio A. Noto For With Elect Director John S. Reed For With Elect Director Stephen M. Wolf For With Ratify Auditors For With Separate Chairman and CEO Positions Against With Adopt ILO Standards Against With • Inform African Americans of Health Risks Against With Establish Fire Safety Standards for Cigarettes Against With Adopt Animal Welfare Policy Against With • Support Legislation to Reduce Smoking Against With Provide Information on Second Hand Smoke Against With 5/4/06 Apache Corp. 3/15/06 104 104 • Elect Director Frederick M. Bohen Withhold With Elect Director George D. Lawrence Withhold With • Elect Director Rodman D. Patton For With Elect Director Charles J. Pitman For With • Elect Director Jay A. Precourt For With Amend Non-Employee Director Stock Option Plan For With • 4/28/06 AT&T Inc 3/1/06 156 156 Elect Director William F. Aldinger, III For With • Elect Director Gilbert F. Aurelio For With Elect Director August A. Busch, III For With Elect Director Martin K. Eby, Jr. For With Elect Director James A. Henderson For With • Elect Director Charles F. Knight For With Elect Director Jon C. Madonna For With • Elect Director Lynn M. Martin For With Elect Director John B. McCoy For With Elect Director Mary S. Metz For With • Elect Director Toni Rembe For With Elect Director S. Donley Ritchey For With Elect Director Joyce M. Roche For With Elect Director Randall L. Stephenson For With • Elect Director Laura D'Andrea Tyson For With Elect Director Patricia P. Upton For With • Elect Director Edward E. Whitacre, Jr. For With Ratify Auditors For With Approve Omnibus Stock Plan For With Amend Articles/Bylaws/Charter-Non-Routine For With Report on Political Contributions Against With M ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 MteDate Comaanv ~/i~te Witl Record Shares Shares • lTvUe /Ballot Lssues Cyst Aeaiust ISS Date Available Voted • Separate Chairman and CEO Positions For With Report on Pay Disparity Against With • Non-Employee Director Compensation Against With Submit Severance Agreement (Change in Control) For With Adopt Simple Majority Vote Requirement Against With 4/26/06 Bank of America Corp. 3/3/06 134 134 Elect Director William Barnet, III For With • Elect Director Frank P. Bramble, Sr. For With • Elect Director John T. Collins For With Elect Director Gary L. Countryman For With • Elect Director Tommy R. Franks For With Elect Director Paul Fulton For With Elect Director Charles K. Gifford For With Elect Director W. Steven Jones For With Elect Director Kenneth D. Lewis For With Elect Director Monica C. Lozano For With Elect Director Walter E. Massey For With Elect Director Thomas J. May For With Elect Director Patricia E. Mitchell For With • Elect Director Thomas M. Ryan For With Elect Director O. Temple Sloan, Jr. For With • Elect Director Meredith R. Spangler For With Elect Director Robert L. Tillman For With Elect Director Jackie M. Ward For With Ratify Auditors For With • Amend Omnibus Stock Plan For With Publish Political Contributions Against With Require a Majority Vote for the Election of For With Provide for an Independent Chairman For With Exclude Reference to Sexual Orientation from the Against With 4/19/06 Burlington Northern Santa Fe Corp. 2/28/06 117 117 • Elect Director A.L. Boeckmann For With Elect Director D.G. Cook For With • Elect Director V.S. Martinez For With Elect Director M.F. Racicot For With Elect Director R.S. Roberts For With Elect Director M.K. Rose For With Elect Director M.J. Shapiro For With Elect Director J.C. Watts, Jr For With Elect Director R.H. West For With • Elect Director J.S. Whisler For With Elect Director E.E. Whitacre, Jr. For With Ratify Auditors For With Amend Omnibus Stock Plan For With Amend Executive Incentive Bonus Plan For With Require a Majority Vote for the Election of For With Separate Chairman and CEO Positions For With ~- ~- ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 • MteDate Comdanv I ll ~TyOB ot ssues Ba • 6/14/06 Caterpillar Inc. Elect Director David R. Goode • Elect Director James W. Owens Elect Director Charles D. Powell Elect Director Joshua I. Smith Increase Authorized Common Stock Approve Omnibus Stock Plan Approve Executive Incentive Bonus Plan Ratify Auditors • Declassify the Board of Directors Separate Chairman and CEO Positions • Require a Majority Vote for the Election of • 4/26/06 Chevron Corporation Elect Director Samuel H. Armacost • Elect Director Linnet F. Deily Elect Director Robert E. Denham Elect Director Robert J. Eaton Elect Director Sam Ginn Elect Director Franklyn G. Jenifer Elect Director Sam Nunn Elect Director David J. O'Reilly S Elect Director Donald B. Rice Elect Director Peter J. Robertson • Elect Director Charles R. Shoemate Elect Director Ronald D. Sugar • Elect Director Carl Ware Ratify Auditors Company-Specific-Reimbursement of Stockholder • Report on Environmental Impact of Drilling in Report on Political Contributions • Adopt an Animal Welfare Policy Adopt a Human Rights Policy Report on Remediation Expenses in Ecuador • 5/9/06 CIT Group Inc Elect Director Jeffrey M. Peek • Elect Director Gary C. Butler Elect Director William M. Freeman Elect Director Hon. Thomas H. Kean • Elect Director Marianne Miller Parrs Elect Director Timothy M. Ring • Elect Director John R. Ryan Elect Director Seymour Sternberg • Elect Director Peter J. Tobin Elect Director Lois M. Van Deusen . Ratify Auditors Approve Omnibus Stock Plan Approve Executive Incentive Bonus Plan Vote With Record Shares Cast A~arnst ISS Date Avai/ab/e 4/17/06 94 For With For With For With For With For With Against With For With For With For With For With For With For With For With For With For With For With For With For With For With For With For With For With For With For With For With For With Against With Against With Against With For With Against With With For With For With For With For With For With For With For With For With For With For With For With For With For With Shares Voted 94 3/6/06 ll Z 112 3/23/06 160 160 r ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 MteDate Cort~nanv • B /l I /Tune a ot ssues / • 4/18/06 Citigroup Inc. Elect Director C. Michael Armstrong Elect Director Alain J.P. Belda Elect Director George David Elect Director Kenneth T. Derr Elect Director John M. Deutch Elect Director Roberto Hernandez Ramirez • Elect Director Ann Dibble Jordan Elect Director Klaus Kleinfeld • Elect Director Andrew N. Liveris Elect Director Dudley C. Mecum • Elect Director Anne M. Mulcahy Elect Director Richard D. Parsons • Elect Director Charles Prince Elect Director Dr. Judith Rodin Elect Director Robert E. Rubin Elect Director Franklin A. Thomas Ratify Auditors • Reduce Supermajority Vote Requirement Reduce Supermajority Vote Requirement • Reduce Supermajority Vote Requirement End Issuance of Options and Prohibit Repricing Report on Political Contributions Report on Charitable Contributions • Performance-Based Equity Awards Reimbursement of Expenses Incurred by • Separate Chairman and CEO Positions Clawback of Payments Under Restatement . • 5/10/06 ConocoPhillips Elect Director Richard L. Armitage Elect Director Richard H. Auchinleck Elect Director Harald J. Norvik Elect Director William K. Reilly Elect Director Victoria J. Tschinkel Elect Director Kathryn C. Turner Ratify Auditors Report Damage Resulting From Drilling Inside the Require a Majority Vote for the Election of Submit Supplemental Executive Retirement Plans • Report Accountability for Company's Non-Employee Director Compensation 5/17/06 Diodes Inc. Elect Director C.H. Chen Elect Director Michael R. Giordano Elect Director Keh-Shew Lu Elect Director M.K. Lu . Elect Director Shing Mao Elect Director Raymond Soong Elect Director John M. Stich Vote With Record Shares Cyst Ad~inst ISS Date Arai/able 2/24/06 126 For For For For For For For For For For For For For For For For For For For For Against Against Against For Against Against Against For For For For For For For For For For Against Against Withhold Withhold Withhold Withhold For For For Shares Voted 126 With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With 3/10/06 55 With With With With With With With 3/24/06 288 55 288 ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 MteDate COr77parly Vote With Record Shares Shares ~ype /Ba/!ot Issues Cast Aeainst ISS Date AvailaGle Voted • Grant of Shares of Common Stock to Dr. Keh- For With Increase Authorized Common Stock For With • Amend Omnibus Stock Plan For With Ratify Auditors For With 4/26/06 Eaton Corp. With 2/27/06 114 114 Elect Director Christopher M. Connor For With Elect Director Alexander M. Cutler For With Elect Director Deborah. L. McCoy For With • Elect Director Gary L. Tooker For With Ratify Auditors For With • 5/24/06 Fiserv, Inc. 3/20/06 149 149 • Elect Director Daniel P. Kearney For With Elect Director Jeffery W. Yabuki For With • Elect Director L. William Seidman For With Ratify Auditors For With Require a Majority Vote for the Election of For With • 5/17/06 Intel Corp. With 3/20/06 240 240 • Elect Director CRAIG R. BARRETT For With Elect Director CHARLENE BARSHEFSKY For With • Elect Director E. JOHN P. BROWNS For With Elect Director D. JAMES GUZY For With • Elect Director REED E. HUNDT For With Elect Director PAUL S. OTELLINI For With Elect Director JAMES D. PLUMMER For With Elect Director DAVID S. POTTRUCK For With Elect Director JANE E. SHAW For With Elect Director JOHN L. THORNTON For With • Elect Director DAVID B. YOFFIE For With • Rescind Fair Price Provision For With Amend Articles/Bylaws/Repeal Supermajority Vote For With Ratify Auditors For With Approve Omnibus Stock Plan For With • Approve Qualified Employee Stock Purchase Plan For With • 4/25/06 International Business Machines Corp. 2/24/06 81 81 Elect Director Cathleen Black For With Elect Director Kenneth I. Chenault For With Elect Director Juergen Dormann For With Elect Director Michael L. Eskew Withhold With Elect Director Shirley Ann Jackson For With Elect Director Minoru Makihara For With • Elect Director Lucio A. Noto For With Elect Director James W. Owens For With • Elect Director Samuel J. Palmisano For With Elect Director Joan E. Spero For With • Elect Director Sidney Taurel For With Elect Director Charles M. Vest For With Elect Director Lorenzo H. Zambrano Withhold With ~- rr Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 • Mte Date Cornoariv ~B 11 I ' T C a 0C ssUC s • Ratify Auditors Provide for Cumulative Voting ,. Evaluate Age Discrimination in Retirement Plans Time-Based Equity Awards • Increase Disclosure of Executive Compensation Report on Outsourcing Implement/ Increase Activity on the China • Report on Political Contributions Require a Majority Vote for the Election of Adopt Simple Majority Vote • 5/19/06 Jarden Corp. Elect Director Martin E. Franklin • Elect Director Rene-Pierre Azria Ratify Auditors 4/27/06 Johnson & Johnson • Elect Director Mary S. Coleman • Elect Director James G. Cullen Elect Director Robert J. Darretta • Elect Director Michael M. E. Johns Elect Director Ann D. Jordan . Elect Director Arnold G. Langbo Elect Director Susan L. Lindquist Elect Director Leo F. Mullin Elect Director Christine A. Poon • Elect Director Charles Prince Elect Director Steven S. Reinemund Elect Director David Satcher • Elect Director William C. Weldon Amend Articles to Remove Antitakeover Provision Ratify Auditors Disclose Charitable Contributions • Require a Majority Vote for the Election of 4/27/06 Kimberly-Clark Corp. Elect Director Dennis R. Beresford • Elect Director Abelardo E. Bru Elect Director Thomas J. Falk Elect Director Mae C. Jemison, M.D. • Ratify Auditors Declassify the Board of Directors • Adopt ILO Standards Require a Majority Vote for the Election of • Report on Feasibility of Phasing Out the Use of Vote With Record Shares Shams Cast Aearnst ISS Date Avarl7ble Voted For With For With Against With For With For With Against With Against With Against With For With For With With 4/19/06 188 188 For With For With For With 2/28/06 109 109 For With For With For With For With For With For With For With For With For With For With For With For With For With For With For With Against With For With 2/27/06 95 95 For With For With For With For With For With For With Against With For With Against With • Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 Mte Date Comnanv /Tvve /Ballot Issues • 5/17/06 Labor Ready, Inc. Elect Director Steven C. Cooper Elect Director Keith D. Grinstein Elect Director Thomas E. Mcchesney • Elect Director Gates Mekibbin Elect Director J.P. Sambataro, Jr. Elect Director William W. Steele Elect Director Robert J. Sullivan • Elect Director Craig E. Tall Ratify Auditors • 4/26/06 Marathon Oil Corp Elect Director Clarence P. Cazalot . Elect Director David A. Daberko Elect Director William L. Davis • Ratify Auditors Declassify the Board of Directors Eliminate Class of Preferred Stock Require a Majority Vote for the Election of • Adopt Simple Majority Vote Requirement 4/25/06 Metlife, Inc . Elect Director C. Robert Henrikson Elect Director John M. Keane • Elect Director Hugh B. Price Elect Director Kenton J. Sicchitano a~ Ratify Auditors Fund Name 80105025 • Total: ' 6/20/06 Morgan Stanley India Investment Fund, Inc. • Elect Trustee Joseph J. Kearns Elect Trustee M.J. Marcel Vivian Descroizilles • 5/1/06 Motorola, Inc. • Elect Director E. Zander Elect Director H.L. Fuller Elect Director J. Lewent Elect Director T. Meredith • Elect Director N. Negroponte Elect Director I. Nooyi Elect Director S. Scott, III Elect Director R. Sommer Elect Director J. Stengel • Elect Director D. Warner, III Elect Director J. White . Elect Director M. White Approve Omnibus Stock Plan Submit Shareholder Rights Plan (Poison Pill) to Vote With Record Shares CasC Arainst ISS Date Available With 3/29/06 309 For With For With For With For With For With For With For With For With For With 2/Z7/06 109 For With For With For With For With For With For With For With For With With 3/1/06 149 For With For With For With For With For With Shares Available Shares Voted 149 149 149 149 With For With For With 4/Z6/06 75 For With Against With For With For With For With For With For With For With For With For With For With For With For With For With 3/3/06 280 Shares Voted 309 109 149 75 280 Vote Summary Report (Short) Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 Mte Date Comoatz v lTvoe lBa!!ot Issues Vote 6t/ith Record Shares Shares Cast Atainst ISS Date Avaihble Voted 4/25/06 National City Corp. With 3/3/06 170 170 Elect Director J.E. Barfield For With Elect Director J.S. Broadhurst For With Elect Director C.M. Connor For With Elect Director D.A. Daberko For With Elect Director B.P. Healy For With Elect Director S.C. Lindner For With Elect Director P.A. Ormond For With Elect Director G.L. Shaheen For With Elect Director J.S. Thornton For With Elect Director M. Weiss For With Ratify Auditors For With 5/23/06 Nordstrom, Inc. With 3/15/06 208 208 Elect Director Phyllis J. Campbell For With Elect Director Enrique Hernandez, Jr. For With Elect Director Jeanne P. Jackson For With Elect Director Robert G. Miller For With Elect Director Blake W. Nordstrom For With Elect Director Erik B. Nordstrom For With Elect Director Peter E. Nordstrom For With Elect Director Philip G. Satre For With Elect Director Alison A. Winter For With Amend Qualified Employee Stock Purchase Plan For With Ratify Auditors For With 6/9/06 PortalPlayer Inc 4/21/06 172 172 Elect Director Richard L. Sanquini Withhold With Elect Director Gary Johnson For With Elect Director William J. Dally For With Elect Director Henry T. DeNero For With Elect Director Robert A. Gunst For With Elect Director Tomas Isaksson For With Elect Director Shahan D. Soghikian For With Elect Director James L. Whims For With Ratify Auditors For With 4/20/06 PPG Industries, Inc. With 2/17/06 92 92 Elect Director Charles E. Bunch For With Elect Director Robert Ripp For With Elect Director Thomas J.Usher For With Elect Director David R. Whitwam For With Approve Omnibus Stock Plan For With Ratify Auditors For With 0 ~, ~ Vote Summa Re ort Short rY P ~ ) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 Mte Date Cwnnau v T B // I / une / a nt ssues • 4/28/06 PPL Corp. Elect Director John W. Conway Elect Director E. Allen Deaver Elect Director James H. Miller . Elect Director Susan M. Stalnecker Amend Executive Incentive Bonus Plan Ratify Auditors • Adopt Simple Majority Vote 4/20/06 Progress Software Corp. Fix Number of and Elect Directors • Elect Director Joseph W. Alsop Elect Director Roger J. Heinen, Jr. Elect Director Michael L. Mark Elect Director Scott A. Mcgregor • Elect Director Amram Rasiel Amend Omnibus Stock Plan • 5/4/06 Quest Diagnostics, Incorporated Elect Director Jenne K. Britell, Ph.D. • Elect Director Gail R. Wilensky, Ph.D. Elect Director John B. Ziegler • Ratify Auditors Increase Authorized Common Stock • Approve Nonqualified Employee Stock Purchase 4/26/06 Selective Insurance Group, Inc. Elect Director A. David Brown Elect Director William M. Kearns, Jr. • Elect Director S. Griffin McClellan, III Elect Director J. Brian Thebault • Elect Director John C. Burville Elect Director John F. Rockart • Elect Director W. Marston Becker Approve Nonqualified Employee Stock Purchase i Ratify Auditors • 5/4/06 Sempra Energy Elect Director James G. Brocksmith, Jr. Elect Director Donald E. Felsinger • Elect Director William D. Jones Elect Director William G. Ouchi, Ph.D. • Ratify Auditors Declassify the Board of Directors • Performance-Based and/or Time-Based Equity Vi~te With Record Shares C?st Aeainst ISS Date Avar/•ible 2/28/06 207 For With For With For With For With For With For With For With For With For With For With For With Withhold With For With For With With Shares Voted 207 2/24/06 220 220 3/20/06 139 139 For With For With For With For With For With For With With For With For With For With For With For With For With For With For With For With 3/10/06 115 115 With For With For With For With For With For With For With Against With 3/10/06 135 135 ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 MtrDate Conmanv Dote With Record Shares Shares Lvne /Ba/!ot Issues Cyst Aeaittst ISS Date Avar/•th/e Vi~ted • 5/23/06 Sierra Health Services, Inc. With 3/27/06 100 100 Elect Director Albert L. Greene For With • Elect Director Erin E. MacDonald For With Elect Director Charles L. Ruthe For With . Amend Non-Employee Director Omnibus Stock For With Ratify Auditors For With • 5/30/06 SUPERVALU Inc. With 4/21/06 175 175 Issue Shares in Connection with an Acquisition For With • Adjourn Meeting For With • 6/28/06 Supervalu Inc. With 5/19/06 175 175 Elect Director Irwin Cohen For With Elect Director Ronald E. Daly For With Elect Director Lawrence A. Del Santo For With • Elect Director Susan E. Engel For With Elect Director Philip L. Francis For With Ratify Auditors For With • 4/11/06 The Bear Stearns Companies Inc. With 2/13/06 69 69 Elect Director James E. Cayne For With Elect Director Henry S. Bienen For With • Elect Director Carl D. Glickman For With Elect Director Alan C. Greenberg For With • Elect Director Donald J. Harrington For With Elect Director Frank T. Nickell For With • Elect Director Paul A. Novelly For With Elect Director Frederic V. Salerno For With Elect Director Alan D. Schwartz For With Elect Director Warren J. Spector For With Elect Director Vincent Tese For With Elect Director Wesley S. Williams Jr. For With Amend Deferred Compensation Plan For With • Ratify Auditors For With • 5/17/06 The Hartford Financial Services Group, Inc. With 3/20/06 74 74 Elect Director Ramani Ayer For With • Elect Director Ramon de Oliveira For With Elect Director Edward J. Kelly, III For With Elect Director Paul G. Kirk, Jr For With Elect Director Thomas M. Marra For With Elect Director Gail J. McGovern For With • Elect Director Michael G. Morris For With Elect Director Robert W. Selander For With • Elect Director Charles B. Strauss For With Elect Director H. Patrick Swygert For With • Elect Director David K. Zwiener For With Ratify Auditors For With N v'1 • Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 Mte Date Cotnnanv ~TVOP /Ba//ot Issues • 6/21/06 The Mens Wearhouse, Inc. Elect Director George Zimmer • Elect Director David H. Edwab Elect Director Rinaldo S. Brutoco • Elect Director Michael L. Ray, Ph.D. Elect Director Sheldon I. Stein Elect Director Kathleen Mason Elect Director Deepak Chopra, M.D. . Elect Director William B. Sechrest • 3/30/06 The Pantry, Inc. • Elect Director Peter J. Sodini Elect Director Thomas M. Murnane • Elect Director Paul L. Brunswick Elect Director Bryan E. Monkhouse Elect Director Robert F. Bernstock Elect Director Edwin J. Holman Elect Director Terry L. Mcelroy Elect Director Mark D. Miles • Ratify Auditors 5/24/06 The Pepsi Bottling Group, Inc. • Elect Director Linda G. Alvarado Elect Director Barry H. Beracha Elect Director John T. Cahill Elect Director Ira D. Hall • Elect Director Thomas H. Kean Elect Director Susan D. Kronick Elect Director Blythe J. McGarvie Elect Director Margaret D. Moore • Elect Director John A. Quelch Elect Director Rogelio Rebolledo Elect Director Clay G. Small • Ratify Auditors • 6/20/06 The Turkish Investment Fund, Inc. Elect Trustee Frank L. Bowman Elect Trustee Michael Bozic Elect Trustee Kathleen A. Dennis ~I Elect Trustee Charles A. Fiumefreddo Elect Trustee Edwin J. Garn Elect Trustee Michael F. Klein Elect Trustee W. Allen Reed • 4/12/06 United Technologies Corp. Elect Director Louis R. Chenevert • Elect Director George David Elect Director John V. Farad Elect Director Jean-Pierre Garnier Elect Director Jamie S. Gorelick Elect Director Charles R. Lee t~i~te With Record GTSt Aeainst ISS Date 5/3/06 For For For For For Withhold For For With For For For For For For For For For With For For For For For For For For For For For For With For For For For For For For With For For For For For For Shares Avai/ah/e 66 With With With With With With With With With With With With With With With With With 1/27/06 117 With With With With With With With With With With With With With With With With With With With With With With With With With 3/30/06 4/26/06 2/14/06 194 90 135 Shares Voted 66 117 194 90 135 M r ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 Mte Date Comaanv /True /Ballot Issues • Elect Director Richard D. McCormick Elect Director Harold McGraw, III • Elect Director Frank P. Popoff, III Elect Director H. Patrick Swygert Elect Director Andre Villeneuve Elect Director H.A. Wagner Elect Director Christine Todd Whitman Ratify Auditors • Increase Authorized Common Stock . Establish Term Limits for Directors Report on Foreign Sales of Military Products 4/27/06 Valero Energy Corp. Elect Director Jerry D. Choate Elect Director William R. Klesse Elect Director Donald L. Nickles Elect Director Susan Kaufman Purcell Ratify Auditors • 5/4/06 Verizon Communications • Elect Director James R. Barker Elect Director Richard L. Carrion • Elect Director Robert W. Lane Elect Director Sandra O. Moose • Elect Director Joseph Neubauer Elect Director Donald T. Nicolaisen • Elect Director Thomas H. O'Brien Elect Director Clarence Otis, Jr. Elect Director Hugh B. Price Elect Director Ivan G. Seidenberg • Elect Director Walter V. Shipley Elect Director John R. Stafford Elect Director Robert D. Storey Ratify Auditors Restore or Provide for Cumulative Voting Require a Majority Vote for the Election of Require Majority of Independent Directors on . Company-Specific-Directors on Common Boards Separate Chairman and CEO Positions Performance-Based and/or Time-Based Equity Report on Political Contributions • 4/25/06 VF Corp. Elect Director Robert J. Hurst Elect Director W. Alan McCollough Elect Director M. Rust Sharp Elect Director Raymond G. Viault Ratify Auditors Vote Cyst For For For For For For For For For Against Against With For For For For For For For For For Withhold For For For For For For For For For For For Against Against For Against For With For For For For For With Arainst ISS With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With Record Sharc+ Shares Date Ai.~i/ably Voted 3/1/06 130 130 3/6/06 158 158 3/7/06 117 117 u-, ~ Vote Summary Report (Short) ~ Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 MteD.•tte Conmanv • /Tune lBallot Issues • 4/18/06 Wachovia Corp. Elect Director William H. Goodwin, Jr. Elect Director Robert A. Ingram Elect Director Mackey J. McDonald Elect Director Lanty L. Smith Elect Director Ruth G. Shaw Elect Director Ernest S. Rady • Ratify Auditors Submit Severance Agreement (Change in Control) . Report on Political Contributions Separate Chairman and CEO Positions • Require a Majority Vote for the Election of • 4/18/06 Washington Mutual, Inc Elect Director Kerry K. Killinger Elect Director Thomas C. Leppert Elect Director Charles M. Lillis Elect Director Michael K. Murphy Elect Director Orin C. Smith Elect Director Regina Montoya . Ratify Auditors Amend Omnibus Stock Plan • Approve Executive Incentive Bonus Plan Declassify the Board of Directors . Report on Political Contributions 5/16/06 Wellpoint Inc Elect Director Lenox D. Baker, Jr., M.D. Elect Director Susan B. Bayh Elect Director Larry C. Glasscock Elect Director Julie A. Hill Elect Director Ramiro G. Peru Approve Omnibus Stock Plan • Ratify Auditors 4/27/06 Wyeth Elect Director Robert Essner . Elect Director John D. Feerick Elect Director Frances D. Ferguson, Ph.D. Elect Director Victor F. Ganzi • Elect Director Robert Langer Elect Director John P. Mascotte • Elect Director Mary Lake Polan, M.D., Ph.D. Elect Director Gary L. Rogers • Elect Director Ivan G. Seidenberg Elect Director Walter V. Shipley Elect Director John R. Torell, III Ratify Auditors Approve Non-Employee Director Omnibus Stock Report on Product Availability in Canada Report on Political Contributions Uote W[th Record Shares Cast Aeainst ISS Date Avai/7h/e 2/22/06 117 For For Withhold For For For For For Against Against For For For For For For For For For For For For With For For For For For For For For For For For For For For For For For For For For For For With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With With Wit11 Shares i~otcd 117 2/24/06 150 150 3/24/06 94 94 3/3/06 149 149 Vote Summary Report (Short) Tequesta General Employees' Pension Fund 80105025 03/01/06 to 06/30/06 Mte Date Conmanv /Tune /Ba//ot Issues Report on Animal welfare Policy Require a Majority Vote for the Election of Separate Chairman and CEO Positions Adopt Simple Majority Vote Requirement [!ote With Record Shares Shares Cyst Aeainst ISS Date Availab/e Voted For With For With For With For With u-,